Elizabeth Warren Says Trump-Backed GENIUS, CLARITY Bills Don't Address His 'Corruption' Or Stop Terrorists From Using Crypto To 'Blow Up Our Entire Economy'
Sen. Elizabeth Warren (D-Mass.) once again voiced her concerns about cryptocurrency-related bills on Wednesday, citing President Donald Trump’s involvement and potential Big Tech exploitation.
What Happened: During an interview with Bloomberg, Warren said that the GENIUS Act and the CLARITY Act “don’t do anything about Trump’s corruption.”
“They also don’t put enough safeguards in place for consumer protection to make sure that terrorists and human traffickers, and drug traffickers can’t use the system and guardrails to make sure that crypto isn’t used to blow up our entire economy,” the senior lawmaker added.
Warren also raised objections to what she said was a provision in the CLARITY Act that could allow large companies like Amazon and Meta to sidestep SEC oversight by “digitizing themselves,” or in other words, issuing cryptocurrency tokens.
Notably, Senate Banking Committee Chairman Tim Scott (R-S.C.) previously said that the bill includes “appropriate illicit finance protections,” and protects investors while fostering innovation.
See Also: Inside Trump’s Oval Office Crypto Push: Why Did 11 Republicans Suddenly Change Their Vote?
Why It Matters: Warren has been a persistent critic of the proposed cryptocurrency bills, particularly due to the Trump family's ventures like the Official Trump (CRYPTO: TRUMP) memecoin and the USD1 dollar-pegged stablecoin.
She has alleged that Trump’s support for the cryptocurrency industry was driven by personal interests, similar to his promotion of Elon Musk’s cars previously.
Trump reported incomes exceeding $57 million from World Liberty Financial, the firm behind USD1, in his latest disclosure. Regarding memecoin, Trump refuted claims that he is financially benefiting from the venture.
In other news, House Republicans faced another setback in their efforts to move key cryptocurrency bills, due to disagreements among GOP lawmakers regarding a central bank digital currency clause.
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Photo Courtesy: Shutterstock/Sheila Fitzgerald
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Posted-In: Cryptocurrency
