Trump Agrees to Crypto Bill Ethics Provision Amid Conflict-Of-Interest Concerns

A key part of a sweeping cryptocurrency bill has been agreed upon by President Donald Trump and lawmakers. The bill, set for a key vote this Tuesday, would bar federally elected officials and their spouses from issuing digital assets. However, concerns were raised about the enforcement of the law, specifically around giving state attorneys general the power to step in.

A group of Democrats had demanded changes to ensure that conflict-of-interest issues related to Trump's crypto wealth are addressed. Senators Thom Tillis (R-N.C.) and Ruben Gallego (D-Ariz.) led the push for stricter language, which would allow state attorneys general to enforce the law in addition to the Justice Department.

The White House had expressed concerns that giving state attorneys general this power could be used as a political weapon against the president or other GOP officials. However, Trump has agreed to 'about 80%' of the proposed changes, including language allowing state attorneys general to sue a crypto exchange if it lists a digital asset barred in the bill.

An updated version of the bill will include a requirement for federally elected officials and their spouses to either divest or place any 'significant' financial interest in an entity that issues cryptocurrencies into a blind trust.