The path forward for the Democratic party after its 2024 defeat includes less tech influence and more populist policies, according to Sen. Elizabeth Warren (D-MA).

Warren delivered this message in a speech at the National Press Club in Washington, DC on Monday, where she charted a vision for the future of a party that’s still in the midst of an identity crisis. She laid out one of the competing perspectives on how Democrats can win the 2026 midterms and beyond: by doubling down on policies that make life more affordable for working people, even if rich donors despise them.

Warren called out Democratic donor and LinkedIn co-founder Reid Hoffman as an example of the kind of mogul the party should tune out when their wishes conflict with the interests of working people. Hoffman urged then-presidential candidate Kamala Harris to replace Lina Khan as Federal Trade Commission chair should Harris win the election. Khan represented progressive and populist policies as chair during the Biden administration, including making it easier for consumers cancel subscriptions.

“I understand the temptation – in this moment of national crisis – to sand down our edges to avoid offending anyone, especially the rich and powerful who might finance our candidates,“ Warren said in her prepared remarks. ”But we can’t win unless we rebuild trust. And we can’t rebuild trust by excommunicating Biden administration law enforcers who, for the first time in decades, actually fought to hold corporations accountable for driving up prices. We can’t rebuild trust by calling on Elon Musk when he tussles with Trump and offering him whatever he wants if he’ll come back to our side and kick in a few nickels to our candidates. We can’t rebuild trust by staying silent about abuses of corporate power and tax fairness simply to avoid offending the delicate sensibilities of the already-rich and powerful.”