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u.s. senate
Warren Unveils Framework for Regulating Crypto Industry and Shutting Down Trump's Corruption
"Nobody wants weak crypto rules more than the president of the United States," said the senator.
Jul 09, 2025
As the U.S. House prepares to vote on the latest proposal claiming to regulate the cryptocurrency industry—one that critics say is actually a "cash grab" that will harm consumers—Sen. Elizabeth Warren on Wednesday took the opportunity of a hearing on digital assets to outline her five main priorities for any legislation aimed at regulating crypto.
Along with protecting consumers within the crypto market, she said, Congress must pass legislation that safeguards the country from public officials—including President Donald Trump—who want to personally profit from the burgeoning industry.
Those priorities haven't been addressed, she suggested, in proposals like the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act and the Digital Asset Market Clarity (CLARITY) Act, which lawmakers are expected to vote on in the coming days.
"I'm concerned that what my Republican colleagues are aiming for is another industry handout that gives the crypto lobby exactly its wish list: the blessing of the government's approval, combined with crypto rules that are weaker than the rules every other financial actor must follow," said Warren (D-Mass.).
Any regulatory framework for the crypto industry, in which investors can use real money to purchase virtual or digital assets and trade them on decentralized, unregulated blockchain technology, must include the framework set up by "the securities laws that have served as the bedrock of our capital markets for nearly 100 years," said Warren—but the CLARITY Act includes language that would allow "non-crypto companies to tokenize their assets to evade the SEC's [Security and Exchange Commission] regulations."
"If we're going to provide rules of the road for crypto, we need to shut down this superhighway for presidential corruption at the same time."
"Under the House bill, a publicly traded company like Meta or Tesla could simply decide to put its stock on the blockchain and POOF! it would escape all SEC regulation," said Warren.
Americans for Financial Reform (AFR) also spoke out against the CLARITY Act's provision on Tuesday, saying the bill would "create a race to the bottom and fuel fraud and financial instability."
With the crypto market growing 15-fold over the last five years, with a $3 trillion market capitalization in 2024, risks to "investors, our financial system, and our national security have also sharply increased," Warren warned in the hearing.
She pointed to FBI findings that Americans lost more than $9 billion to fraud in the unregulated crypto market last year—a 66% increase from 2023‚ and a Chainalysis report that hackers from North Korea were able to steal $1.3 billion from crypto platforms in 2024 as well as $1.5 billion earlier this year.
"Crypto investors should have the same protections from getting scammed or cheated as investors in any other asset," said Warren. "For example, there is no reason that the rules prohibiting stock exchanges from simultaneously serving as brokers and giving preferential treatment to their own trades over their customers' can't be applied to the crypto market too."
Warren also called for legislation that ensures instability in the crypto market won't "infect" the larger financial system by guaranteeing that taxpayers are not on the hook for "risky crypto bets," and that includes commonsense rules to protect national security and fight crime within the industry.
The GENIUS Act, which 18 Democrats joined the vast majority of Senate Republicans in passing last month, did not include anti-money laundering rules or sufficiently close sanctions loopholes, said Warren, with Republicans saying the issues could be addressed in a future bill regarding crypto market structure.
"So this is it. No more kicking the can down the road. Now is the time to solve that problem," said Warren.
Finally, Warren said any bill addressing regulations in the crypto market must "shut down the president's crypto corruption" by prohibiting all public officials from issuing, sponsoring, or profiting from crypto tokens.
Warren's comments came weeks after Trump held a dinner with the top 220 investors in his own $TRUMP meme coin and offered a VIP White House tour to the top 25 mostly anonymous investors—an event that progressive organizers said was "corruption embodied."
"Nobody wants weak crypto rules more than the president of the United States," said Warren, noting that $7 billion of Trump's wealth now comes from his own stablecoin and meme coin, a bitcoin mining company, a "huge portfolio of crypto investments," and includes more than $320 million in fees from the $TRUMP coin—even as the majority of investors in the token lost money.
"If we're going to provide rules of the road for crypto, we need to shut down this superhighway for presidential corruption at the same time," said Warren.
Urging Congress to vote against the CLARITY Act this week, AFR also warned that the "massive deregulatory bill" is backed by "a gusher of campaign cash and lobbying muscle from ultrawealthy venture capital firms and crypto billionaires," with Trump set to "gain the most from this giveaway" after making $1.2 billion in crypto just in the past few months."
"CLARITY (along with related crypto bills being considered) is a custom-built framework that gives him and his billionaire allies a green light to manipulate financial markets," said the group, "while working families are left holding the bag."
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Blaming Donald Trump—a Dangerous Distraction?
In focusing on Trump’s shocking amorality we risk sliding over a painful truth we must embrace to create the democracy we need and want: His rise is a symptom.
Jul 08, 2025
Americans are waking up to President Donald Trump’s assaults on our democracy. In just four years, his documented lies have topped 30,000. He has also broken laws, including his attempts to dismantle government agencies, his blatant conflicts of interest with Elon Musk, and his disregarding courts on a number of fronts. We honor those courageously stepping up to hold Trump accountable—from Indivisible to Common Cause to Democracy Forward, and many more citizen-organizing efforts.
But our appropriate outrage might hide a danger—that in focusing on Trump’s shocking amorality we could slide over a painful truth we must embrace to create the democracy we need and want: His rise is a symptom. Donald Trump was able to triumph because of deep dysfunction long built into our governing structures. While we must resist his actions and work to limit the immediate damage, we must also commit to fighting for an even more democratic future, free of our current limitations.
Simply put, some features of our democracy are baked-in barriers to one-person-one-vote. The Senate, to name one. Wyoming, with a population of just over half a million has the same number of Senate seats as California, home to nearly 40 million. In other words, a voter in Wyoming has almost 68 times greater representation than a voter in much more densely populated California.
Our fight can’t merely be against Trump but in pursuit of a positive vision of an America where each of us counts, and we work together building the world we want.
And the challenges don’t stop there. Gerrymandering of electoral districts—the redrawing of district lines to favor the party in power—creates unrepresentative legislatures. As a result, one report found Republicans had an advantage of about 16 House seats in 2024’s congressional election. And then, there’s voter suppression as well as the hugely corrupting role of money in politics and the limits of our two-party system.
Despite being unfit, Trump rose to power in large measure because our antidemocratic rules have led to deep dissatisfaction with government that he was able to tap. Indeed, it’s been nearly four decades since 60% of us expressed satisfaction with “the way democracy was working.”
Since then, approval has tumbled steeply. By early 2023, just 28% of U.S. adults expressed satisfaction with how our democracy is working. And by early 2025 well more than half of Americans—61 percent—remained dissatisfied.
And Americans’ view of our standing in the world?
Despite deep doubts about our democracy, interestingly, over half of us still see our country as one of the world’s greatest. One in five even place the us at the top, and only 27% acknowledge there are better democracies.
Hmm. Self-perception can be self-deception: In global comparisons we rate shockingly low. Each year, Freedom House, founded by Eleanor Roosevelt, ranks nations by the quality of their political rights and civil liberties—a reasonable measure of democracy.
Sadly, the U.S. ranks 57th worldwide, and not even in the ballpark of nations we imagine to be our peers. Almost all European Union nations rank in the top 25.
Really? That bad?
Yes. So, how do we explain the disconnect? And how might we use this bad news for good?
Domestically, we know that there are deep roots to dissatisfaction with our democracy. But it’s not just the structural features named above: At the same time, our extreme economic inequality—deeper than more than 100 nations—means economic stress for most Americans, even as we hold onto the myth that we’re a middle-class country.
Still, the myth of American exceptionalism blinds us.
Instead, let us heed this truth: Be it a rocky marriage or a sprained ankle, healing starts when we get honest with ourselves—when we stop averting our eyes, making excuses, or just hoping one day it will all go away.
Today, as our democracy is diminishing before our eyes; let’s drop these dangerous escapes and choose constructive action. The good news in our sad scores is proof of possibility—hard evidence that we can do better as we learn lessons from the leading democracies.
So, let our dissatisfaction fuel determination and bold action. Our fight can’t merely be against Trump but in pursuit of a positive vision of an America where each of us counts, and we work together building the world we want.
Democracy is not a dull duty but a thrilling vision and empowering action.
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With Its ‘Big Betrayal Bill,’ the GOP Is Waging War Against Working Class Americans
While Republicans prioritize tax breaks for billionaires, they’re simultaneously stripping away basic healthcare and support systems from those who need them most.
Jul 02, 2025
With U.S. President Donald Trump’s July 4 deadline looming, Senate Republicans just sold out working class families by passing Trump’s “Big Beautiful Bill”—all to please their billionaire backers. Inside this devastating bill are a host of tax cuts for the ultra-wealthy, paid for with cuts to Medicaid, SNAP, and other essential programs. It would also effectively eliminate the middle class in America as we know it.
To Republicans, and even some Democrats, in Congress these programs are just a line item on a budget. To myself, communities of color, and millions of Americans at risk, they are the difference between having healthcare and living in fear of sickness or injury because we couldn’t afford the care we needed to survive.
When I gave birth to my first child, I lost Medicaid coverage not long after she was born. This meant that in the critical months of my child’s early life, I was not able to see a doctor if something went wrong. It wasn’t until I found a job that offered me healthcare that this changed. In the wealthiest nation in the world, tying critical moments of need in someone’s life, such as postpartum care, to their employment status is unconscionable. Medicaid coverage has since expanded to cover postpartum care for a longer period of time, but this bill would be taking a massive step backward from ensuring all people have access to the care they need.
The GOP has made one thing clear: If they are left in charge, working class families will always come last.
Medicaid covers 41% of all births and nearly half of children with special healthcare needs. The cuts proposed in the newest version of the bill that Republican Senators just passed will push mothers out of postpartum care, shut down rural hospitals, and leave families uninsured. That pain will hardly go unnoticed by people in blue and red states alike, and leaders who support these cuts put the lives of their constituents, as well as their own political futures, at risk. Mothering Justice is committed to fighting against anyone who might support this horrendous bill—regardless of party.
If passed into law, this bill would cut over $1 trillion from Medicaid—the largest cut to Medicaid in history. That is $1 trillion that has been going to healthcare for America’ most vulnerable families sacrificed for the sake of tax cuts for billionaires. In Michigan alone, the Citizen’s Research Council of Michigan estimates that over 200,000 people will lose direct insurance coverage, and the nonpartisan Congressional Budget Office estimates nearly 12 million Americans will lose their coverage over the next decade. Even those with private insurance could lose access to services when hospitals and providers struggle to stay open following cuts to Medicaid. The results are not just devastating, they’re catastrophic.
Health insurance isn’t the only program on the Republicans’ chopping block. SNAP keeps 4.5 million young children fed, and the proposed cuts will deepen food insecurity, especially in Black and Latino households already facing hunger at 2-3 times the national rate. In Michigan alone, SNAP cuts would create a $467 million hole in our economy. If this bill goes through, Trump will still accept luxury planes and lawmakers will still fly in private jets paid for with foreign money, but children will lose access to pediatric care and families will lose their only grocery options, deepening poverty in this country instead of fighting it.
Also buried in the “big, beautiful bill” are work requirements and red tape that deny qualified applicants access to essential programs. Historically, when work requirements for Medicaid recipients have been implemented at the state level, many working recipients lose their insurance due to the administrative hurdles of proving their employment. Republicans’ proposals would bury families in paperwork and procedural hurdles that disproportionately harm single moms, people with disabilities, and those without internet or stable housing. They are not efficiency measures—they are systemic tools of exclusion.
And cuts to SNAP and Medicaid don’t just hurt the people who rely on the program to feed their families. Small businesses, grocers, and local economies rely on SNAP dollars to thrive and support the community. The proposed changes will likely raise costs for states and taxpayers around the country, all for the sake of lining billionaire’s pockets. Under the guise of reducing federal spending, the bill’s proposal burdens states with millions of additional, unnecessary administrative costs, forcing state governments to allocate funds to consulting fees and enforcement of work requirements rather than healthcare.
While Republicans prioritize tax breaks for billionaires, they’re simultaneously stripping away basic healthcare and support systems from those who need them most. Trump’s “Big Beautiful Bill” should actually be called the “Big Betrayal Bill”—because if it’s passed into law the wealth gap in this country will widen to astronomical levels. Mothers of color and working families across the country did not elect their representatives to protect the ultra-wealthy. The GOP has made one thing clear: If they are left in charge, working class families will always come last.
Now, as the bill goes back to the House, Mothering Justice is committed to fighting against anyone who might support this horrendous bill—regardless of party. Now is the time to call your member of Congress and let them know you will not stand for the federal government stealing money from working class families. Tell those we elected to power that they must use every tool at their disposal to stop this bill from being passed into law.
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