Warren, Warner Criticize CLARITY Act Ethics Rules as Weak
Senators Elizabeth Warren and Mark Warner have expressed concerns that the revised CLARITY Act ethics rules still give too much control to President Donald Trump's appointees. Despite new restrictions and a state-attorney-general role, the structure would allow the executive branch to decide whether those restrictions have practical force.
Warren described the changes as a 'weak fig leaf' that won't stop Trump from making future profits in crypto.
The revised CLARITY Act includes new rules requiring covered officials to divest certain significant interests or place them in a qualified blind trust, and sets civil penalties at 20% of the consideration received in a prohibited transaction or $500,000, adjusted for inflation. However, Warren argues that these measures are still insufficient.
The Senate is set to vote on the CLARITY Act on September 15, with cloture passing required for formal debate and possible amendments.