Trump Agrees to Crypto Bill Ethics Provisions in Bid for Mainstream Legitimacy

President Donald Trump agreed to new ethics rules in order for a cryptocurrency bill to pass through Congress. The bill, known as the Clarity Act, aims to bring the $2.3 trillion crypto market into mainstream legitimacy.

The ethics provisions that Trump agreed to bar federally elected officials and their spouses from issuing digital assets. This would mean that Trump himself could no longer sponsor meme coins, like the ones he launched on the cusp of his second inauguration in January. His wife, Melania Trump, who also has a token, would be subject to the same rule.

However, the bill still faces uncertainty as some senators are concerned that the provisions do not go far enough. They want Trump's crypto holdings to be placed into a blind trust and for him to divest when they reach a certain value. This could potentially affect ventures such as World Liberty Financial, which Trump reported over $500 million in revenue from last year.

The Clarity Act has been the subject of intense negotiations between lawmakers and industry officials. The bill's fate now hangs on whether these sign-offs from Trump will be enough to pass it through Congress. A pivotal Senate vote is scheduled for Tuesday.