Senator Elizabeth Warren has opposed the Clarity Act, saying it would allow criminals and cartels to move money.
Speaking in a video on X Wednesday, Warren he pointed that the law could allow President Donald Trump to make money from crypto.
Lawmakers are currently considering the latest version of the Clarity Act, which aims to put financial regulation on the rocks. Recent drafts prohibit senior citizens and their families from donating or raising crypto.
“These latest drafts could make it harder for criminals, cartels and criminals to move money and finance their operations — and fail to protect investors and our financial system,” Warren said in the video.
“It will be voted down. Nothing is left out: this does not prevent Donald Trump from taking money from his office.”
“This is not a law – this is a provision. This bill should be dead on arrival,” Warren added.
But X users added an explanation to Warren’s video, pointing out that the Senate GOP’s amendments include legislation to ban federal officials from providing or supporting digital assets.
Trump’s crypto ventures
Warren has been a long-time critic, previously claiming that billions of dollars are lost every year due to the crypto tax.
Recently, Warren has called for an investigation into the Trump family’s top crypto companies.
President Trump campaigned on a ticket to support the crypto space but lawmakers in Washington criticized the way the Trump family has benefited from digital assets, such as the money of the Republican meme, TRUMP, and the World Liberty Financial project.
Trump and the White House have always denied any controversy.
The Most Popular Bill
Senate Republicans began publishing a new report this week, ahead of the vote.
Representatives of US banks, regulators and crypto executives have been meeting at the White House to work on the Clarity Act since last year.
The bill was approved by the House of Representatives but bank officials complained about stablecoins and the yield they could pay customers.
Bank representatives said he warned they may lose their depository and, their ability to lend to US businesses if companies are allowed to issue rewards on stablecoins.
On Thursday, Goldman Sachs chairman and CEO David Solomon he became one of the first big banks to throw their support behind the bill.
