Trump Agrees to Crypto Bill Ethics Provisions Amid Senate Vote
President Donald Trump agreed to new ethics rules as part of a sweeping cryptocurrency bill being written in the Senate, which could lead to a pivotal vote on Tuesday. The bill aims to bring the $2.3 trillion market into the mainstream and cement crypto legitimacy into law.
The White House had initially raised concerns about giving state attorneys general the power to enforce the law, but Trump eventually agreed to include it in the bill. This provision would allow state AGs to sue a crypto exchange if they list a digital asset that would be barred in the overall bill.
Trump also agreed to bar himself and his wife from issuing meme coins, similar to those he launched on the cusp of his second inauguration last January. Additionally, the president consented to a tougher ethics proposal that several key senators had demanded.
The fate of the crypto bill now hangs in the balance, with Democrats arguing that an enforcement mechanism involving state attorneys general is essential for preventing corruption and conflict of interest. If the bill fails, it could lead to more campaign cash from a frustrated, deep-pocketed industry, potentially influencing the midterm elections.