Warren says the revised Clarity Act fails to block Trump from profiting on crypto. The bill needs 60 Senate votes. Polymarket sees a 38% chance of passage in 2026.
Sen. Elizabeth Warren declared the revised Clarity Act insufficient to block President Donald Trump from profiting off cryptocurrency, calling the bill “dead on arrival” unless it closes what she described as a glaring omission. In a video posted Wednesday on X, the Massachusetts Democrat said the updated draft that added new ethics provisions “does nothing” to stop Trump from making his next billion-dollar fortune from crypto ventures.
The Clarity Act’s latest version prohibits the president, vice president, members of Congress, federal judges, and their spouses from “issuing or sponsoring” digital assets for profit while in office. It also requires covered officials to divest their cryptocurrency holdings, place such assets into a blind trust, or take both actions. Warren argued the language still leaves Trump room to benefit from ventures already underway, including World Liberty Financial and the Official Trump memecoin. Trump’s financial disclosures showed he earned roughly $1.4 billion from cryptocurrency ventures last year. He has said his funds are locked in independent blind trusts and that he never gets personally involved.
Sen. Cynthia Lummis, the Wyoming Republican who backs the bill, said Trump voluntarily “chose a higher standard of ethics than the law required of him.” She urged passage. Brian Armstrong, CEO of Coinbase Global Inc., called the bill a “true bipartisan compromise” and said it is ready for a full Senate floor vote. The exchange’s withdrawal of support in January had stalled the legislation.
The math is tight. The Clarity Act needs 60 Senate votes to overcome a filibuster, so Democrats hold leverage. They have demanded stronger guardrails around Trump’s crypto ties as a condition for their support. Polymarket prices the odds of the bill becoming law in 2026 at 38% as of this writing.
JPMorgan analysts said in a note that the regulatory uncertainty, including the back-and-forth over the Clarity Act, hurts Coinbase and Circle in the near term. They added that Trump’s broader crypto agenda could revive USDC growth and institutional adoption if the bill passes. The analysts declined to give a timeline.
Coinbase carries an Alpha Score of 26 out of 100, a Weak label, reflecting the regulatory headwinds and the stock’s sector exposure. The exchange’s stock page is linked below.
No date has been set for a Senate floor vote.
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