Trump Agrees to Crypto Bill Ethics Reforms Amid Conflict-of-Interest Concerns
A significant portion of a stringent ethics proposal in the crypto bill has been agreed upon by President Donald Trump, according to three main Republican authors. The bill is set for a key vote on Tuesday and includes a provision that would bar federally elected officials and their spouses from issuing digital assets.
The initial version of the bill had only this provision, which Democrats and some Republicans felt didn't go far enough to address conflict-of-interest issues related to Trump's crypto wealth. A core group of Democrats demanded language allowing state attorneys general to step in and enforce the law, alongside the Justice Department.
Trump has agreed to include a 'meaningful role' for state attorneys general in enforcing the crypto measure if it becomes law. This is seen as a key concession by Republican Sens. Cynthia Lummis of Wyoming, Tim Scott of South Carolina, and John Boozman of Arkansas.
The updated bill will also require officials with significant financial interests in entities that issue cryptocurrencies to either divest or place them in a blind trust. State attorneys general will be able to sue a crypto exchange if they list a digital asset barred by the overall bill.