Trump Accepts Crypto Bill Compromise Amid Ethics Concerns
US President Donald Trump has agreed to accept key ethics restrictions on a massive crypto bill aimed at creating a new regulatory structure for digital assets.
The compromise, which includes provisions for state attorneys general to take enforcement action and divestment or blind trusts for officials with significant financial interests in cryptocurrency-issuing entities, aims to unlock passage of the bill. Proponents hope this will lead to its approval.
Concerns were raised by Democrats that a Justice Department under Trump could turn a blind eye to potential breaches of the law by himself or his allies. The existing text bars elected officials, their spouses, and federal judges from issuing digital tokens.
The Senate is set to hold a key procedural vote on the Clarity Act this week, which has only one week left before the midterm elections, leaving a small window for Congress to act on pressing issues like AI fears, Russia sanctions, and a reconciliation bill. Trump's business, World Liberty Financial, made $1.2 billion from crypto last year.
The agreement addresses concerns that a DOJ under Trump could ignore potential law breaches by himself or his allies.