Sen. Elizabeth Warren (D-Mass.) said on Tuesday that any legislation that fails to stop President Donald Trump and his family from profiting off cryptocurrency is “failing” the people of the U.S.
Warren Demands Stronger Crypto Guardrails
Warren cited a report by The New York Times, which found that nearly one million investors who bought the Official Trump (CRYPTO: TRUMP) meme coin collectively lost $3.81 billion. All this while Trump collected more than $635 million in royalties from the project.
“Any crypto legislation that does not stop Donald Trump and his family from continuing to profit off of crypto is failing the American people,” the senior lawmaker said.
The White House didn’t immediately return Benzinga’s request for comment.
Warren has vigorously opposed the cryptocurrency legislation, i.e., the Clarity Act, citing its failure to tackle conflicts of interest arising from Trump and his family’s involvement in cryptocurrency ventures.
In fact, when the bill cleared the Senate Banking Committee vote in May, she had famously said, “When this blows up with the economy, I hope everybody remembers.”
The bill officially sits on the Senate Legislative Calendar as of this writing, making it eligible for a full floor vote.
The Uproar Continues
Warren’s criticism followed Trump’s disclosure that cryptocurrency ventures netted him roughly $1.2 billion in 2025, the very first year of his presidency.
Skybridge Capital founder Anthony Scaramucci said last week that such a windfall in a bear market would be cited as the main factor if the Clarity Act fails to pass the Senate.
Trump insisted his cryptocurrency earnings were neither “illegal” nor “wrong,” and that the U.S. must lead in cryptocurrency or risk losing ground to China.
A White House spokesperson told Benzinga last week that all actions by the Trump administration are taken in the “best interest of the American people,” while rejecting any suggestions of “conflict of interest.”
Price Action: At the time of writing, TRUMP was exchanging hands at $1.60, down 4.71% in the last 24 hours, according to data from Benzinga Pro. The memecoin has plunged 97% from its all-time high.
Photo Courtesy: Bryan J. Scrafford on Shutterstock.com
