The U.S. Senate Committee on Banking, Housing and Urban Affairs published a transcript of Ranking Member Elizabeth Warren’s remarks at a minority forum examining alleged crypto-related conflicts involving President Donald Trump and risks posed by the pending Clarity Act. Warren argued that the bill would establish rules for crypto markets without preventing the officeholder-linked crypto income or broader misconduct highlighted at the forum. Ethics adviser Virginia Canter testified that the bill would not prohibit licensing fees or further income from the $TRUMP meme coin and World Liberty Financial tokens, which Warren said generated USD 636 million and more than USD 525 million, respectively, in the previous year. Other witnesses criticized the proposal’s ethics provisions and cited crypto’s role in scams, transnational organized crime, terrorist financing and ransomware, while Warren also raised potential shadow banking and financial system risks.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-07-28
U.S. Senate Committee on Banking, Housing and Urban Affairs publishes ranking member’s challenge to Clarity Act over crypto ethics gaps
The U.S. Senate Committee on Banking, Housing and Urban Affairs published Ranking Member Elizabeth Warren’s challenge to the pending Clarity Act at a minority forum. Warren and witnesses argued that the bill does not prevent officeholder-linked crypto income and fails to address ethics, fraud and illicit finance risks.