Trump Agrees to Crypto Bill Ethics Provisions Amid Pivotal Senate Vote
President Donald Trump has agreed to new ethics rules in order to pass the cryptocurrency bill in the Senate. The bill, known as the Clarity Act, aims to bring legitimacy to the $2.3 trillion digital asset market.
The president's agreement comes after weeks of pressure from senators, including Sen. Cynthia Lummis (R-Wyo.) and Sen. Bernie Moreno (R-Ohio), who met with Trump in mid-July to discuss the bill. The meeting resulted in Trump agreeing to a measure that would bar him and his wife from issuing meme coins, similar to those he launched on the cusp of his second inauguration.
However, this was not enough for some senators, including Sen. Ruben Gallego (D-Ariz.) and Sen. Thom Tillis (R-N.C.), who presented an additional proposal that would require Trump to put his crypto holdings in a blind trust and divest when those holdings reach a certain value.
The updated bill released Sunday includes language that allows state attorneys general to sue a crypto exchange if they list a digital asset that would be barred in the overall bill. This provision was seen as a red line for Democrats, who wanted an enforcement mechanism involving state attorneys general.