Senate Fails to Advance CLARITY Act; Warren Says Trump Family Made $1.4 Billion from Crypto

U.S. Senator Elizabeth Warren delivered a speech of over 10 minutes on the Senate floor, urging a "no" vote on the CLARITY Act. She stated that Trump and his family made $1.4 billion from crypto businesses in 2025 alone, exceeding the revenue of any publicly traded U.S. crypto company last year, and that buyers of his crypto projects 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 11 votes short of the 60 needed to begin debate, with no Democrats voting to advance it. Warren said the bill would exacerbate Trump's corruption and criticized the ethics provisions negotiated between Republicans and the White House as a "small fig leaf," claiming they would not prevent Trump from continuing to profit from crypto. Warren also stated that the bill would tear a massive loophole in nearly a century of securities law, allowing non-crypto companies to tokenize assets on-chain to circumvent investor protections, and enabling banks to use customer deposits for crypto lending, trading derivatives, operating nodes, and selling related software.