CLARITY ACT

Quick facts

Record: Senate Floor
Section type: Floor speeches
Chamber: Senate
Date: September 14, 2026
Congress: 119th Congress
Why this source matters: This section came from the Senate floor portion of the record.

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People mentioned: Durbin, Richard J.

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Mr. DURBIN. Mr. President, on another topic, the Senate may consider an initial procedural vote on the CLARITY Act as soon as tomorrow.

Crypto enthusiasts and the crypto industry claim the Senate needs to

pass this bill soon in the name of “innovation,” but I used to work for a fellow in politics who said, “For every political issue there's a good reason and a real reason.”

And the real reason for this rush job is the crypto industry's

willingness to spend millions against crypto-skeptic candidates and Trump's desire to continue to enrich himself and his allies.

Back in 2019, President Trump said that crypto is “based on thin air” and a “disaster waiting to happen.” But when he found a way to profit from it, he suddenly changed his tune.

In just the first year of his second term, the President and his

family made more than $1.4 billion off cryptocurrency. And his allies, like Steve Witkoff and Todd Blanche, raked in hundreds of millions in crypto profits last year alone. President Trump has sold access to the White House through seedy schemes like his meme coin and pressured Federal banking regulators to grant his family's crypto firm—World Liberty Financial—a banking charter.

He even pardoned Changpeng Zhao, a convicted crypto criminal and

founder of Binance, the same company that helped the Trump family's crypto firm launch its stablecoin.

However, my Republican colleagues want Senate Democrats to accept the

CLARITY Act as written, even though it does not require President Trump to divest from his crypto fortune, which would allow the President to continue to profit off his crypto schemes.

My Republican colleagues' version of the bill also lacks meaningful

consumer protections.

Although I am happy to see some provisions that regulate scandal-

ridden crypto ATMs, the CLARITY Act does not do enough.

The FBI received nearly 13,500 complaints about crypto ATM scams in

2025, resulting in $389 million in losses.

Federal financial regulators have warned consumers about these scams,

and it is high time for Congress to act.

However, unlike my Preventing Crypto ATM Fraud Prevention Act, the

CLARITY Act fails to require verbal confirmation from consumers before processing transactions and does not allow the Federal Government to impose civil penalties on fraudsters.

That is why legislators need to go back to the drawing board to

create meaningful consumer protections.

in crypto and ensure the crypto industry cannot get one dime from a government bailout if and when there is a crypto crash.

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Quick facts

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Readable version of the official text

Crypto enthusiasts and the crypto industry claim the Senate needs to

And the real reason for this rush job is the crypto industry's

In just the first year of his second term, the President and his

He even pardoned Changpeng Zhao, a convicted crypto criminal and

However, my Republican colleagues want Senate Democrats to accept the

My Republican colleagues' version of the bill also lacks meaningful

Although I am happy to see some provisions that regulate scandal-

The FBI received nearly 13,500 complaints about crypto ATM scams in

Federal financial regulators have warned consumers about these scams,

However, unlike my Preventing Crypto ATM Fraud Prevention Act, the

That is why legislators need to go back to the drawing board to

Americans' wallets are hurting, and they want real economic reform,

Congress should not help the President get richer or grant the crypto

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