Elizabeth Warren Said She Is Ready to Work on a New Crypto Law After the Failure of the CLARITY Act

• Elizabeth Warren said she is ready to take part in drafting a new crypto bill.
• The senator opposed the current version of the CLARITY Act over provisions on ethics, national security, and investor protection.
• She said Congress needs a “truly bipartisan” bill.

Democratic Senator Elizabeth Warren said she is ready to take part in preparing a new bill to regulate the crypto market. She told reporters this amid discussions of the CLARITY Act, The Block writes.

Reporters asked Warren whether she would be willing to take a leading role in crypto legislation if she were to chair the Senate Banking Committee in the future. The senator said yes.

“I would be happy to sit down at the negotiating table with other Democrats, Republicans, and industry representatives and craft a substantive crypto law that protects our national security and our economy, and reduces corruption risks,” Warren said.

She said an agreement is possible, but Republicans would need to compromise on contentious provisions tied to U.S. President Donald Trump.

Warren stressed that she generally supports passing federal legislation for cryptocurrencies. The Block quotes her as saying the CLARITY Act is one of the first opportunities to create meaningful regulation for the industry, but in its current form, the senator believes, it does not provide the necessary safeguards on ethics, national security, and combating illicit finance.

Why Warren Opposed the CLARITY Act

On September 15, Warren also published a Senate floor speech in which she подробно explained why she disagrees with the current version of the CLARITY Act. She focused primarily on ethics provisions and the potential conflict of interest involving the U.S. president.

In the senator’s view, the proposed restrictions do not provide an effective mechanism for enforcing them against the president. In particular, she criticized a provision under which the decision to apply the relevant rules depends on federal executive branch agencies. Warren also opposed the possibility of exempting officials from the restrictions through an opinion from the Office of Government Ethics.

“An ethical restriction that the president himself can effectively waive is not an ethical restriction,” she said.

In addition, the senator believes that the bill’s provision allowing assets to be transferred into a blind trust does not fully eliminate the potential conflict of interest. 

In her remarks, she also criticized provisions of the CLARITY Act related to combating illicit finance, state authority, and banks’ digital asset activities.

“We need cryptocurrency regulation. Yes, we do,” Warren said. 

In closing, she urged Republicans to return to the negotiating table and draft a “truly bipartisan crypto bill.”

As a reminder, on September 15, the U.S. Senate failed to advance the CLARITY Act. A total of 49 senators voted to end debate and move to further consideration of the document, while 50 voted against — short of the 60 votes required. Against the backdrop of the vote, bitcoin briefly dipped below $75,000.

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