Warren Says CLARITY Act 'Should Be Dead On Arrival'

Warren Slams Latest Draft as Full of Loopholes

Senator Elizabeth Warren says the latest Senate Republican version of the Digital Asset Market Clarity Act should be "dead on arrival," arguing it falls far short of the ethics guardrails Democrats have demanded before lending their support.

Minority staff of the Senate Banking Committee, led by Ranking Member Warren, released an analysis detailing how the latest version of the bill is "riddled with massive loopholes" and does nothing to prevent the President from making his next $1.4 billion in crypto profits. The analysis reviewed new ethics language released on July 22, 2026.

President Trump made more than $1.4 billion from his cryptocurrency ventures in 2025 alone, nearly two-thirds of his total income, making his enterprise the highest-earning U.S. crypto operation that year. Warren argues the current bill text would leave those revenue streams largely untouched.

Warren called for an ethics provision that would prevent the president, vice president, senior administration officials, members of Congress, and their families from profiting off the crypto industry.

Bipartisan Support Still Required for Passage

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.

The Democratic Party has been split during months of negotiations over the bill, with some senators consistently opposing it under Warren's banner and others actively negotiating with Republicans. One common position among Democrats has been that the bill will need a ban on government officials' digital asset involvement, which throws a spotlight on Trump's dealings.

The House passed the CLARITY Act by a 294 to 134 vote in July 2025, and the Senate Banking Committee later advanced its amended version by a 15 to 9 vote in May 2026, sending it to the full Senate for consideration. Prediction market Polymarket put the odds of the bill becoming law in 2026 at 38% as of this writing.

Trump has previously said his funds are held in independent blind trusts and that he is never personally involved.

Sources:
Senator Warren Statement on New Text of the CLARITY Act, U.S. Senate Banking Committee
New CLARITY Act Emerges, Makes Ethics Rule Temporary, CoinDesk
Warren Demands Trump Disclose 2026 Crypto Earnings, Crypto Briefing