On September 16, U.S. Senator Elizabeth Warren delivered a speech in the Senate lasting more than 10 minutes, calling for a vote against the CLARITY Act. She stated that Trump and his family earned as much as $1.4 billion from crypto-related ventures in 2025 alone—more than the total revenue of any publicly traded crypto company in the United States last year—and that investors who bought into his crypto projects have lost billions of dollars, with meme coin buyers losing nearly $4 billion.
The Senate failed to pass a procedural vote by a margin of 49–50, falling short of the 60 votes needed to begin debate, with no Democrats voting in favor of moving forward. Warren argued that the bill would exacerbate Trump's corruption and criticized the Republican‑White House negotiations over ethical standards as a "mere fig leaf," saying they would do nothing to stop Trump from continuing to profit from crypto. Warren also stated that the bill would create a massive loophole in nearly a century of securities law, allowing non‑crypto companies to put assets on the blockchain to sidestep investor protections, while enabling banks to use customer deposits for crypto lending, trading derivatives, operating nodes, and selling related software.