Trump Agrees to Crypto Bill Ethics Reforms Amid Conflict-of-Interest Concerns
President Donald Trump has agreed to significant portions of a stringent ethics proposal in a broader cryptocurrency bill that is set for a key vote this week, according to Republican senators.
The initial bill had only one provision that would bar federally elected officials and their spouses from issuing digital assets. However, a core group of Democrats, including Sen. Thom Tillis (R-N.C.), argued that it didn't go far enough to address conflict-of-interest issues related to Trump's crypto wealth.
Tillis and other Democrats had demanded language allowing state attorneys general to step in and enforce the law alongside the Justice Department. After White House officials raised concerns about giving state attorneys general this power, arguing it could be used as a political weapon against the president and other GOP officials, Trump agreed to 'about 80% of the proposal,' including the provision for state attorneys general.
The updated bill will require any 'significant' financial interest in an entity that issues cryptocurrencies to either be divested or placed in a blind trust. State attorneys general will also have the power to sue a crypto exchange if they list a digital asset barred by the overall bill.