Senator Elizabeth Warren (D-MA) warned Sunday that recently passed crypto legislation "supercharges President Trump's corruption," alleging his family's crypto business benefits from billions in foreign backing.
Warren also accused the crypto industry of writing its own regulatory framework, while speaking on MSNBC's Morning Joe.
"We need regulation that limits the corruption and the ability of elected officials to trade in it, that also limits the ability to blow up the economy with crypto,” Warren said.
The Senator targeted both the recently passed GENIUS Act and the pending CLARITY Act, saying that crypto industry lobbying has reached new levels.
Warren has shown continued resistance to both bills, particularly given President Trump's extensive financial ties to the sector through his family's World Liberty Financial venture.
The Senator said the current rules are “weak, weak restrictions” that leave the door open to abuse, and enable use by “terrorists and drug traffickers.”
She noted that the U.S. must implement regulations that “limit corruption,” ensure consumer protection, cut off illicit finance, and that the crypto industry should not be allowed to “write its own legislation.”
"Crypto regulation in the U.S. is still at a very early stage, and Senator Warren's concerns about corruption, systemic risk, and illicit use are valid," Zakhil Suresh, CEO of crypto asset manager BitSave, told Decrypt.
"The recently passed CLARITY Act in the House is a step in the right direction, but it needs to be shaped with input from a broad set of stakeholders, not just the crypto industry,” he added.
Crypto legislation concerns
Warren has repeatedly labeled Trump’s involvement in USD1 as “shady,” pointing to the stablecoin's rise after a $2 billion UAE-backed deal and warning that new laws could directly benefit him.
Recently, Warren compared current crypto legislation to the Commodity Futures Modernization Act of 2000, which left derivatives largely unregulated and contributed to the 2008 financial crisis.
Trump ally Senator John Kennedy has also questioned whether the crypto industry should be allowed to draft its own rules, warning against insufficient oversight and comparing it to letting the internet "correct their own rules."
Nitesh Mishra, co-founder & CTO at hedging platform ChaiDEX, told Decrypt that current U.S. crypto regulations "often fall short on issues like corruption, illicit use, and consumer protection."
Mishra noted the U.S. dominates global crypto infrastructure while pursuing a re-dollarization strategy, but alleged Trump appears to "manipulate market liquidity for tactical gains" rather than pursue comprehensive regulation.
Calling it ironic, he said crypto, “once intended to counter banking–government collusion,” could now entrench established institutions, with muddled reforms “stifling genuine retail innovation.”
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