After President Donald Trump and the Republican Party revealed what they called their “last, best, and final offer” of ethics restrictions for cryptocurrency regulation, US Sen. Elizabeth Warren stood on the Senate floor Monday evening with a counteroffer: the Ending Presidential Corruption in Banking Act, whose passage she said was crucial for guarding against Trump using his very own crypto bank as a financial hub for his “web of corruption.”

The GOP’s “offer” on ethics pertains to the Digital Asset Market Clarity Act, also known as the Clarity Act, which would create a regulatory framework for the crypto market and which the Senate is expected to vote on Tuesday. The Republicans agreed to a proposal from Sens. Ruben Gallego (D-Ariz.) and Thom Tillis (R-NC), which would give state attorneys general the ability to sue if federal officials create or sponsor digital assets while holding office.

But, said Warren (D-Mass.), the proposal ensures the law “could never be enforced against Donald Trump because it gives his political appointees the power to turn off enforcement of these ethics provisions.”

It also “contains major loopholes designed to allow President Trump to keep earning billions of dollars from his crypto businesses, including World Liberty Financial… and his new bank,” said the senator.

Speaking for over 12 minutes on the Senate floor Monday evening, Warren pointed to the decision last month by the Office of the Comptroller of the Currency (OCC), whose leader was appointed by Trump, to grant approval for a federal bank charter for World Liberty Financial, a crypto investment fund that is owned in large part by the president himself and his family.

The Trump family owns 38.25% of the bank, while an investment fund backed by the national security adviser of the United Arab Emirates and the brother of UAE President Mohamed bin Zayed Al Nahyan owns 49% of the venture.

In January, Warren had called on the OCC to delay its review of World Liberty Financial’s charter application until Trump divested from the venture.

“Donald Trump is now the first president in history to own and oversee his own bank. It may be the most brazen act of self-dealing our financial system has ever seen,” said Warren. “With a bank charter, World Liberty will be able to operate nationwide, offer families and businesses financial products and services, and enjoy the credibility that comes with the federal government’s stamp of approval.”

Trump is the first President in history to own and oversee his own bank.

We’re live on the Senate floor to say enough is enough with Trump’s crypto corruption.

We need to pass the Ending Presidential Corruption in Banking Act now.https://t.co/wFurTSS0n1
— Elizabeth Warren (@SenWarren) September 14, 2026

But while the president is determined to have his family’s crypto venture recognized as a bank—one whose USD1 stablecoin token sales earned Trump $527 million in proceeds last year, according to financial disclosures—the senator warned that World Liberty Financial’s charter could “drive even greater profits for President Trump and his family” while serving as “a new vehicle for billionaires, corporations, and foreign countries to bribe him.”

With his own bank, the president could charge transaction fees and generate interest by “investing the cash deposited with World Liberty in exchange for the USD1 stablecoin,” said Warren, noting that a similar scenario played out last year during a trial run, before the company was granted preliminary approval for the bank charter.

“MGX, a UAE state-owned investment fund, made a $2 billion investment in the crypto exchange Binance,” she said. “Instead of using a fiat currency like the US dollar or the UAE dirham to purchase stock in Binance, MGX paid Binance using USD1, cutting Trump into the deal.”

Warren suggested sardonically that it was likely just “coincidental” that Trump pardoned the founder of Binance, who had pleaded guilty to failing to guard against money laundering.

Companies affiliated with World Liberty Financial have also reportedly sold millions of dollars in tokens that conducted business with hackers sponsored by North Korea and sanctioned money-laundering entities in Russia, and accepted $100 million from a businessman reportedly under investigation in the UK for money laundering.

“Now with Trump’s federal bank charter, we could see more and more of this,” said Warren.

The top officials associated with the bank would also likely have led to the charter application being “flatly denied under any previous administration” due to a lack of competence and previous misconduct, said Warren, pointing to bank president Zachary Witkoff, the son of Middle East envoy Steve Witkoff, who “has never worked in a senior banking role.”

Warren called on her colleagues to reject the Clarity Act and instead pass her bill in order to terminate “this corrupt bank charter.”

“Unfortunately, my Republican colleagues want to move in the opposite direction,” she said. “They seem intent on furthering President Trump’s corruption. Look no further than the Senate’s first order of business after August recess. Is it a bill to make life more affordable for American families? No. Is it a bill to end Trump’s dangerous war in Iran? No. It’s a bill that would juice the value of President Trump’s crypto empire, and reward the crypto billionaires who have facilitated his corruption.”

“Instead of further enriching the president, Congress should curb his corruption,” Warren added. “Let’s start by passing my bill, the Ending Presidential Corruption in Banking Act.”

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