Trump Agrees to Crypto Bill Concessions Amid Ethics Concerns
President Donald Trump has agreed to new ethics rules in order for a cryptocurrency bill to pass through Congress. This concession comes after weeks of negotiations and is seen as crucial for the bill's success.
The bill, known as the Clarity Act, aims to regulate the $2.3 trillion cryptocurrency market and bring it into mainstream legitimacy. However, Trump's involvement in crypto has created a conflict of interest, with his sons launching their own cryptocurrency venture, World Liberty Financial, in 2024.
In July, Sens. Cynthia Lummis and Bernie Moreno met with Trump at the White House to discuss the bill. They presented language that would bar all federally elected officials and their spouses from issuing digital assets, including meme coins. Trump agreed to this measure, which means he will no longer be able to sponsor his own meme coin or have his wife, Melania Trump, issue her own token.
However, a further concession was made late Sunday when Republicans said Trump consented to a tougher ethics proposal that several key senators had demanded. This proposal would require the president to put his crypto holdings in a blind trust and divest when those holdings reach a certain value.