Sen. Elizabeth Warren (D-Mass.) criticized the updated Clarity Act on Tuesday, alleging it would worsen conflicts of interest stemming from President Donald Trump’s family ventures.
Warren Presses For Ethics Guardrails
The Senate Banking Committee released the new draft of the Clarity Act—a major legislation seeking to establish a federal regulatory framework for cryptocurrency in the U.S. The updated text addresses the sticking point of stablecoin yields.
Warren, however, who is a Ranking Member of the committee, was still unconvinced.
“Among other flaws, it will turbocharge the massive conflict of interests posed by Donald Trump and his family’s crypto ventures,” the senior lawmaker said, pressing for “real ethics” guardrails on cryptocurrency bills.
The White House didn’t immediately return Benzinga’s request for comment.
Countdown Begins For Markup
The Banking Committee is scheduled to hold a markup for the legislation on Thursday, following broad agreement from most cryptocurrency firms on the stablecoin compromise text.
Faryar Shirzad, Coinbase’s Chief Policy Officer, appreciated the “strong compromise” in the bill.
“Markups are rarely this exciting, but we can’t wait for the bill to move forward this week,” Shirzad said.
Meanwhile, Banking Committee Chair Sen. Tim Scott (R-S.C.) said that the new version delivers “certainty, safeguards, and accountability” while keeping innovation in the U.S.
Will The Bill Stall Again?
However, democratic support remains uncertain due to unresolved disputes, including provisions aimed at restricting politicians from profiting off digital assets.
Ahead of the markup vote on Thursday, committee members have submitted more than 100 amendments, according to Politico.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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