U.S. Senator Elizabeth Warren has intensified her criticism of pending cryptocurrency legislation, warning that bills like the GENIUS Act and CLARITY Act 'supercharge President Trump's corruption' while exposing the economy to systemic risks. In MSNBC interviews, Warren accused the crypto industry of drafting self-serving regulations, citing weak safeguards against illicit activities by terrorists and drug traffickers, and inadequate consumer protections.
Warren specifically targeted Trump's financial ties to crypto ventures, noting his family's World Liberty Financial (WLFI) enterprise benefits from billions in foreign backing and has generated over $57 million in income. She compared current bills to the 2000 Commodity Futures Modernization Act, which contributed to the 2008 financial crisis by deregulating derivatives.
The Senator demanded bans on elected officials trading crypto and emphasized the need for impartial regulations limiting corruption risks. Her concerns follow July's House passage of three crypto bills, including the CLARITY Act, which BitSave CEO Zakhil Suresh called 'a step in the right direction' but requiring broader stakeholder input. Conversely, ChaiDEX CTO Nitesh Mishra criticized U.S. regulations as enabling market manipulation.
Trump allies deny conflicts of interest, with son Donald Trump Jr. asserting his father's crypto holdings are 'walled off' from his involvement.