Sen. Elizabeth Warren (D-Mass.) renewed her criticism of the CLARITY Act, arguing the legislation prioritizes the cryptocurrency industry’s interests over consumer protection, national security and financial stability.
Crypto Needs Rules – But Not The CLARITY Act
During an interview at the Capitol Hill on Aug. 6, Warren said she supports federal legislation governing digital assets but rejected the current proposal.
“Of course, we need crypto legislation,” Warren said. “I’ve been saying this for a long time. I put together a crypto bill. But crypto legislation that has been written by the crypto industry to protect and advance the crypto industry… that’s not good crypto legislation.”
She described the proposal as “a big giveaway to this zillion-dollar industry.”
According to Warren, the legislation would benefit crypto firms while failing to adequately protect retail investors and the broader financial system.
The remarks come as the Senate continues debating the market structure bill ahead of the August recess.
Warren Opposes Trump’s Crypto Ventures
Warren also tied her opposition to President Donald Trump’s growing involvement in digital assets and argued the bill could further benefit Trump’s crypto businesses.
“It helps Donald Trump make his next $1.4 billion on crypto scams,” Warren said.
The Senator accused the crypto industry of attempting to influence lawmakers, saying, “Crypto thinks they can buy a Congress that will do what they want.”
She also dismissed concerns that delaying legislation could push crypto companies overseas.
“I don’t even know what that means. You mean that they will do their money laundering overseas?” she said.
Warren added that, in her view, law enforcement officials oppose the bill because it could expand opportunities for money laundering, drug trafficking, human trafficking and terrorism financing.
Senate Outlook Remains Uncertain
Asked whether the CLARITY Act could advance before lawmakers leave for the August recess, Warren said she has not seen evidence that negotiations have resolved her concerns.
“As far as I’ve heard, they’ve still not solved the problem of corruption, of consumer protection, of national security, or protecting our economy,” she said.
“Until you solve those problems, I just don’t see how anyone, Democrat or Republican, moves forward on this bill.”
Image: Shutterstock
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