Sen. Elizabeth Warren (D-Mass.) stated on Wednesday that the revised Clarity Act is insufficient in addressing President Donald Trump's cryptocurrency profiteering.
In a video posted on X, Warren said the updated draft that added new ethics provisions "does nothing" to stop Trump from making his next billion-dollar fortune from cryptocurrency ventures.
"It has a glaring omission. It does not stop Donald Trump from cashing in on his presidency," the senior Democrat said. "The bill should be dead on arrival."
The new provisions prohibit the president, vice president, members of Congress, federal judges and other covered officials, and their spouses, from "issuing or sponsoring" digital assets for profit while in office.
The draft also requires covered officials to divest their holdings and any investments in cryptocurrency ventures, place such assets into a "blind trust" that they do not control, or take both actions.
Sen. Cynthia Lummis (R-Wyo.) spotlighted the new provisions, adding that Trump voluntarily "chose a higher standard of ethics than the law required of him."
"Thank you, POTUS! Let's get the Clarity Act passed NOW," the pro-cryptocurrency lawmaker said.
Brian Armstrong, CEO of cryptocurrency giant Coinbase Global Inc. (NASDAQ:COIN)—whose withdrawal in January led to the bill stalling in the Senate—said the bill is a "true bipartisan compromise," which couldn't have come at a better time.
"The Clarity Act is ready for a full Senate floor vote," he added. "Let's finish this!"
Read Also:Trump's Crypto Push May Arrive Just in Time for Coinbase and Circle
Democrats have long demanded stronger guardrails around Trump's cryptocurrency ties as a non-negotiable condition for their votes, and since the legislation requires 60 Senate votes to overcome a filibuster, bipartisan agreement is now mathematically required.
Polymarket prices the odds of the bill becoming law in 2026 at 38% as of this writing.
Trump's financial disclosures revealed he earned roughly $1.4 billion from cryptocurrency ventures last year, including World Liberty Financial and the Official Trump (CRYPTO: TRUMP) memecoin.
Trump said previously that his funds are locked in independent blind trusts, and he never gets personally involved.
Read Also:Trump Memecoin Trader on President's $1 Billion Crypto Fortune: 'Absurd,' 'Mind-Blowing' — And His Locked WLFI is 'Worth Zero'
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This article Elizabeth Warren Says Updated Crypto Bill 'Does Nothing' to Stop Trump From 'Cashing in on His Presidency', Wants It Dead on Arrival originally appeared on Benzinga.com
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