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Congressional Daily Record
This section covers nominations, confirmations, or other executive branch business. It mentions members such as Elizabeth Warren.
Official title: Digital Asset Market Clarity Act (Executive Calendar)
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September 15, 2026
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Download official Senate Record PDFReturn to issue contextMs. WARREN. Mr. President, I come to the Senate floor today to oppose my Republican colleagues' efforts to jam through the Clarity Act. I believe we can get crypto legislation that both Republicans and Democrats can agree on but not this bill.
our national security. We need crypto legislation that stops political self-dealing, and I know that many in the crypto industry agree with that. But this bill would turbocharge Donald Trump's unprecedented corruption.
prices beginning on day one—his promise, his words. Instead, Trump's tariffs, Trump's forever war halfway around the world, Trump's healthcare cuts, Trump's closing cheaper, clean energy—Trump's policies are boosting the cost of everything. From groceries, to gas, to healthcare, to utilities, they are all going up, up, up.
using the Presidency to make himself richer, and he has added crypto to his ways to cash in. Instead of doubling down on efforts to prosecute crypto scams and to block terrorists and drug traffickers from using crypto, Donald Trump has used his office to promote crypto. He has talked up crypto. He has held crypto contests with the prize being dinner with the President, and he has appointed crypto-friendly regulators.
And the money has just rolled in for him. Shortly before he was sworn in as President the second time, Trump opened his own crypto business, and boy, what a launch that man had. As he talked up crypto, the money just kept rolling in. In 2025 alone, Trump and his family raked in $1.4 billion from their crypto ventures. In fact, Donald Trump made more from crypto last year than any publicly traded crypto company in America. There is no one who has more to gain personally from this bill than the President of the United States.
OK. So Trump won big time on crypto. Who lost? The working people who followed their leader. People who bought into Trump's crypto ventures have lost billions of dollars. For example, the fans who bought Trump's meme coins have lost nearly $4 billion.
Trump just keeps pumping up the crypto industry. He has disbanded the DOJ's Crypto Enforcement Team, he has dropped crypto enforcement actions against companies that donated millions of dollars to his campaign, and he has given multiple Presidential pardons for crypto executives convicted of serious crimes. Trump's corruption is so extensive that he has infected crypto's entire financial regulatory framework.
corruption; now they want to vote today to boost that corruption. Late on Sunday night, the Republicans released new ethics provisions that the Republicans negotiated with the White House. They read exactly like what the most corrupt President in our history would bless—a tiny, little fig leaf that claims it is doing something about corruption but that is carefully written to make sure it will not prevent Donald Trump from making his next $1.4 billion in crypto profits.
held accountable under the law. Why? Because Trump's lapdogs would have the power to shut down any enforcement of the ethics provisions against Donald Trump.
his confirmation hearing said, “I'm [Trump's] lawyer”—not America's lawyer; Trump's lawyer. This is the guy who would decide whether to bring an enforcement action against the President.
enforcement actions against the President. All they could do is try to sue Trump's former personal lawyer, the Attorney General, to do something about it.
Here is the kicker: Nobody thinks the Attorney General is going to bring an action against Donald Trump, but this bill has belt and suspenders built right in to ensure that Donald Trump's moneymaking schemes just keep right on rolling. The bill says that Trump's handpicked cronies at his Office of Government Ethics can wave a magic wand by issuing a legal opinion, and then, as if by magic, Donald Trump would suddenly be protected from any enforcement at all against his next round of crypto corruption. An ethics
loopholes in them that would allow Trump to continue juicing his crypto empire. Under the new text, Trump would be allowed to continue making hundreds of millions of dollars from his crypto ventures, including World Liberty Financial and his meme coin. Not only would Trump easily be able to keep or restructure his existing crypto ventures, he would also be able to create new ones—extra corruption. For example, this new text does nothing to stop Donald Trump from becoming the first President in American history to own and regulate his own bank.
only while still knowing exactly what assets are there and still in charge of the regulators who can juice the value of Donald Trump's crypto investments.
Trump has already made $1.4 billion in 2025 alone as a crypto wheeler-dealer, and the bill the Republicans want to vote on today would make sure he can just keep raking in the dough.
It is not just the ethics provisions that are terrible; this bill would make it easier for terrorist organizations, for drug cartels, and for rogue states to buy and sell weapons and pay off government officials—all using crypto; easier for terrorists to finance their operations and harder for law enforcement to catch them; easier for scammers to cheat Americans and harder for law enforcement to catch them; easier for Iran and North Korea to evade sanctions and harder for law enforcement to catch them.
This bill would put us all at risk of a crypto-fueled economic crash. The crypto bill has become a Christmas tree with gifts for other high- risk scammers. The bill, for example, would blow a massive hole in our nearly century-old securities laws by allowing and encouraging companies that have nothing to do with crypto to throw their assets on a blockchain to escape the investor protections that apply to traditional securities—you know, like stocks, the stock market. Now, that could drain billions of dollars out of our stock market that families depend on to fund their retirement savings, and it could decimate the guardrails that were put in place after the Great Depression. In fact, unions are opposed to this bill specifically because they see it as putting workers' hard-earned pensions at risk.
deposits to engage in a brandnew list of risky crypto activities: lending against crypto as collateral, buying crypto directly, trading crypto derivatives, operating blockchain notes, selling crypto software. The list goes on and on.
in just the last couple of years alone, and then imagine what happens when the biggest banks in America use the money in your savings account to load up on that kind of crypto.
own laws on the books to protect their citizens from getting scammed. The president of the Indian Gaming Association calls this bill “the greatest threat to Tribal sovereignty in a generation.”
This is not what the American people want. They want Congress to do something about the affordability crisis. They want an end to Trump's war in Iran. They want their elected leaders to step up and regulate AI.
of respondents rank crypto as their top concern. Another poll found that if there is anything that voters want to do on crypto, it is to put in place meaningful anti-fraud and anti-corruption measures. That is the kind of thing this bill glaringly fails to do.
So you have got to ask yourself: Why are we here?
We need crypto regulation. Yes, we do. But we do not need a crypto bill written by the crypto industry to benefit only the most extreme voices in the crypto industry and at the expense of our national security, our economic stability, and to help the most corrupt President in the history of the United States make himself even richer.
real bipartisan crypto bill. But until then, I urge my colleagues to vote no.
I yield the floor.
The PRESIDING OFFICER. The Senator from Wyoming.
Ms. LUMMIS. Mr. President, I ask unanimous consent to speak for up to 15 minutes prior to the scheduled rollcall vote.
The PRESIDING OFFICER. Without objection, it is so ordered.
Ms. LUMMIS. Mr. President, in a few minutes, the Senate will vote on one of the most important, consequential, bipartisan financial services bill in a generation—the Digital Asset Market Clarity Act. Before we do, my colleagues need to understand exactly what is at stake.
Clarity Act ready for prime time because Wyoming did not send me to Washington to watch America fall behind. My State sent me here to make sure we lead.
United States and, in many ways, the world. In 2017, the Wyoming Legislature embarked on a mission to create a first-of-its-kind regulatory framework for digital assets that protects consumers and promotes responsible innovation.
States to draw the line between a security and a commodity. It was the first to safely integrate digital assets into our Nation's banking system in a safe and sound way through special purpose depository institutions. And Wyoming was the first jurisdiction in the Nation to create a new legal entity for decentralized, unincorporated, nonprofit associations.
depository institution in the history of our banking system to earn a master account from the Federal Reserve.
This is not a partisan bill—not even close. Democrats secured 126 separate concessions in this text, and they wrote more than half of the 630 pages in front of you.
This bill started at 300 pages. It stands at 635 because I sat across the table from my colleagues for an entire year and took every objection seriously and built those changes into the bill ourselves.
That is not capitulation. That is what legislating in good faith looks like—something this body, far too often, forgets how to do.
this bill. In July, President Trump voluntarily put himself, the Vice President, every judge, federally elected official, and their spouses under the strictest ethics restrictions this country has ever seen. Almost no one in Washington would have offered that on their own, but Democrats still wanted more. They wanted independent outside enforcement. So President Trump went back to the table, and he gave more.
ethics rules against Federal officials themselves. They can go after exchanges and issuers under consumer protection law so bad actors get hit coming and going. No President has ever gone this far, and this President did it twice.
Let's be honest about what a “no” vote actually is today. It is not a principled stand against the President. It is not a vote against a bill that has had a partisan flare. It is a vote to protect politicians' personal crypto holdings from the very limits Democrats demanded and got.
counting on, and it is a vote to hand the future of financial innovation to a foreign competitor who will not be foolish enough to waste this chance to lead
This country put the first man on the Moon. We built financial institutions, and we built the internet. We do not watch history happen to us. We make history. We should not stop that tradition today.
even on weekends—126 Democrat wins written into law, the strongest ethics restrictions any President has ever accepted, in writing, right here, this is what good faith looks like. This is what compromise looks like. And in a few minutes, my colleagues will decide whether or not it meant anything at all.
in as a U.S. Senator—and especially over the last year. For so long, this fight has been mine and that of my incredible partner and dear friend Senator Kirsten Gillibrand's and Chairman Scott's and Chairman Boozman's, Senator Tillis', Senator Moreno's, and many of my colleagues who have walked alongside me in this fight for this industry to bring us to this moment.
Today, this fight belongs to the whole body. President Trump gave more than anyone in this town expected—twice. It is time for this body to take yes for an answer, take the win.
Stand with American innovation. Stand with American consumers. Stand with American leadership. Do not let this day be the day we handed our future to someone else because we were too afraid to finish what we started.
Let's vote yes. Let's not only join the 21st-century economy, let's not only join the digital age, let's lead it. Let's define it. Let's make it work for America and the world. Let's vote yes. Let's get this done.