U.S. Senator Warren Opposes the CLARITY Act, Citing Major Loopholes in the Latest Ethics Provisions

BlockBeats news, September 15 — According to CNBC, U.S. Senate Banking Committee ranking Democrat Elizabeth Warren will deliver a speech Monday evening opposing the crypto market structure bill, the CLARITY Act. The Senate is scheduled to hold a key procedural vote Tuesday afternoon, and the bill needs at least 60 votes to advance.

Republican leaders released an updated text Sunday night, adding ethics provisions demanded by Democrats that would prohibit the U.S. president and other senior government officials from issuing digital assets and allow state attorneys general to enforce the rules. Warren called it a "weak fig leaf," arguing the provisions cannot stop Trump from continuing to profit from crypto businesses.

Warren believes the new provisions could allow officials appointed by Trump to halt enforcement and contain loopholes that let him keep profiting from businesses such as World Liberty Financial. She also plans to seek unanimous consent in the Senate to pass the "End Presidential Banking Corruption Act," which would restrict the president, vice president, and related officials and family members from obtaining bank charters and revoke such charters granted to relevant individuals since January 20, 2025. The proposal is expected to struggle to gain support in the Republican-controlled Senate.