Sen. Elizabeth Warren (D-Mass.) said on Tuesday that the CLARITY Act in its current form primarily benefits President Donald Trump, as the key cryptocurrency bill failed to clear a Senate procedural hurdle.

Warren Opposes Republicans' Effort to 'Jam Through'

Ahead of the vote, Warren said that a bill that both Republicans and Democrats can agree on is possible, but the current draft falls well short.

“This bill would turbocharge Donald Trump’s unprecedented corruption,” the senior Democrat said. “There is no one who has more to gain personally from this bill than the president of the United States.”

Warren accused her Republican colleagues of “turning a blind eye” to Trump’s corruption and trying to “jam through” the CLARITY Act.

Trump’s 2025 financial disclosure showed his companies generated more than $1.4 billion from crypto ventures, including more than $520 million from World Liberty Financial token sales and over $635 million from Official Trump (CRYPTO: TRUMP) memecoin royalties.

The White House had previously rejected conflict-of-interest allegations.

Warren voted against the CLARITY Act, but so did key Democrats who spent months negotiating the bill, including Sen. Angela Alsobrooks (D-Md.) and Sen. Kirsten Gillibrand (D-N.Y.). The bill eventually fell short of the 60 votes needed to advance.

Crypto Tycoons Still Optimistic

Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong said the industry can’t wait on Congress anymore and expected the SEC and CFTC to “create clear rules under existing authority.”

“So clarity is coming to crypto regardless,” he added. “With clarity emerging through the regulators, we’ll continue updating the financial system.”

Ripple CEO Brad Garlinghouse echoed Armstrong’s outlook, expressing optimism that the SEC and CFTC will advance rules “to fill the legislative gap.”

He, however, criticized Democrats for elevating anti-crypto positions over “good policy.”

Can Agencies Deliver Strong Safeguards?

The SEC has proposed a new cryptocurrency regulation proposal to clear a path for cryptocurrency projects to raise money without immediate registration requirements.

SEC Chair Paul Atkins said that the proposal is grounded in the agency’s "authority," but added that cryptocurrency legislation is crucial for its success,