The Senate Banking Committee launches review of the CLARITY Act, with Warren citing significant flaws and proposing five deficiencies According to Foresight News, the US Senate Banking Committee has initiated the review process for the CLARITY Act. Senate Banking Committee Chairman and Republican Senator Tim Scott (South Carolina) stated that the bill aims to achieve three major goals: protecting consumers, keeping innovation within the United States, and safeguarding national security, calling it a joint effort of both parties. \Democratic Party's top member and senator Elizabeth Warren (Massachusetts) strongly opposes it. She stated that the bill was entirely drafted by the cryptocurrency industry, and the committee has never held any public hearings on the bill. Warren also pointed out that the chairman rejected over ten amendments on procedural grounds, including the amendment proposed by the National Sheriff's Association to close money laundering vulnerabilities on decentralized platforms and the amendment to prevent the outflow of community bank deposits. Warren listed five specific flaws in the bill: weakening investor protection under securities laws since 1929; Cancel consumer anti fraud protection in each state; Allowing banks to hold high-risk assets, repeating the mistakes of the 2008 financial crisis; There are loopholes in national security (she cited the recent warning from the US Treasury Department that Iran is using cryptocurrency to transfer funds); And there is no constraint on the conflict of interest in encryption for the Trump family. According to her, the Trump family has so far benefited approximately $1.4 billion from cryptocurrency related transactions. Warren also criticized the Republican Party for promising to fix the aforementioned issues in the CLARITY Act when they pushed for the GENIUS Act last year, but so far none have been fulfilled.