Democratic Senator Elizabeth Warren criticized the clarity bill, claiming it would allow criminals and gangs to move money.
Speaking in a video statement on Wednesday the 10th, Warren Hint The potential law would allow President Donald Trump to make money from cryptocurrencies.
Lawmakers are currently considering the latest draft of the Clarity Act, which aims to establish regulations for digital assets. The latest project prohibits officials and their families from issuing or promoting cryptocurrencies.
“This latest bill would make it easier for criminals, gangs, and terrorists to move money and fund their operations — and it fails to protect investors and our financial system,” Warren said in the video.
“It will be voted on. There is a glaring omission: This does not prevent Donald Trump from taking advantage of his presidency.”
Warren added: “This is not regulation, this is a giveaway. This bill should be dead on arrival.”
But X users added a clarification to Warren’s video, highlighting that the Senate GOP’s updated draft includes ethics provisions prohibiting federal officials from issuing or custodial digital assets.
Trump’s crypto projects
Warren has been a long-time critic of cryptocurrencies, initially arguing that billions of dollars disappear every year thanks to tax-evading cryptocurrency users.
Recently, Warren called for an investigation into the Trump family’s most important cryptocurrency projects.
President Trump campaigned on a ticket to help the cryptocurrency space, but some lawmakers in Washington have criticized the way the Trump family has profited from digital asset projects, such as the Republican meme coin, TRUMP, and the World Liberty Financial project.
Trump and the White House have long denied any conflict of interest.
Latest Clarity Bill
Senate Republicans began circulating a new text of the bill this week, ahead of a potential vote.
Representatives of US banks, regulators and crypto industry figures have been meeting at the White House to work on the Clarity Act since last year.
The bill has been approved by the House of Representatives, but bank bosses have raised concerns about stablecoins and the return they are likely to pay to customers.
Their bank representatives to caution They could lose their deposit base, and thus their ability to lend to US companies, if companies are allowed to pay rewards on stablecoins.
On Thursday, Goldman Sachs Chairman and CEO David Solomon said She became one of the first Senior bankers to throw their support behind the bill.
