Senator Elizabeth Warren is taking aim at the Clarity Act again, calling the latest version a 'giveaway' that would let President Trump profit from crypto while doing little to stop criminals. The bill, which the House already passed, is now being circulated by Senate GOP leaders ahead of a possible floor vote. Warren says it should be 'dead on arrival.'
What the new draft does
The latest text includes a provision banning federal officials and their families from issuing or promoting digital assets. That's a direct response to criticism over Trump family crypto ventures — including the TRUMP meme coin and World Liberty Financial. Warren has called for a formal probe into those projects.
But she argues the ban doesn't go far enough. 'This bill does not stop President Trump from profiting from crypto,' Warren said. She claims the Clarity Act would actually help criminals, cartels, and terrorists, and would allow Trump to benefit personally.
Who's backing it
Goldman Sachs CEO David Solomon publicly supported the Clarity Act. That puts Wall Street's biggest investment bank on the side of the bill's sponsors. The House passed it earlier, but banking representatives raised concerns about stablecoins and the potential loss of deposit base for traditional lenders.
Warren's criticism isn't new — she's been a vocal opponent of the bill since its introduction. But the timing matters. With the Senate GOP circulating new text, a floor vote could come soon. That's why she's ramping up the pressure now.
What happens next
The Senate hasn't scheduled a vote yet. But the bill's supporters are pushing for one before the August recess. Warren and other Democrats are expected to offer amendments — or try to block it entirely. The unresolved question: will the new ban on official crypto promotions be enough to win over skeptics, or will the 'giveaway' label stick?
