Sen. Elizabeth Warren (D-Mass.) rejected the final CLARITY Act text on Monday, adding that it does nothing to stop President Donald Trump’s cryptocurrency profiteering.
Warren Says New Ethics Provisions Are Weak
Warren dismissed the Republicans’ “final offer” on ethics provisions as a “weak fig leaf” that the “most corrupt President” in America’s history would endorse.
The senior Democrat argued that the proposed law wouldn’t work against Trump since it would give his “political appointees” the power to stop the ethics rules from being applied.
Moreover, she said the bill contains “major loopholes” that could enable Trump to continue reaping profits from his cryptocurrency businesses, including World Liberty Financial (WLFI), a platform co-founded by his sons.
World Liberty Financial Under Scanner
Warren pointed to World Liberty Trust Co. securing conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter.
“Donald Trump is now the first President in history to own and oversee his own bank. It may be the most brazen act of self-dealing our financial system has ever seen,” she said.
Warren, Ranking Member of the Senate Banking Committee, alleged the bank could serve as the financial hub of the President’s “web of corruption.”
She urged fellow Senators to pass her bill, the “Ending Presidential Corruption in Banking Act,” and to reject the CLARITY Act, which she says would allow Trump to keep making billions from cryptocurrency.
The White House didn’t immediately return Benzinga’s request for comment. A response from World Liberty Financial is also awaited.
All Eyes on Tuesday
This development comes amid ongoing negotiations on the key piece of cryptocurrency legislation.
The Democrats reportedly convened in Minority Leader Chuck Schumer’s (D-N.Y.) office Monday night to prepare their response to the GOP’s final CLARITY Act offer.
Sen. Cynthia Lummis (R-Wyo.) said Republicans conceded to every Democratic demand and “there’s nothing left to give.”
The bill is scheduled for its procedural vote on Tuesday. However, Polymarket put the odds of passage at just 19%.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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