Trump Agrees to Crypto Bill Ethics Reforms Amid Senate Vote
President Donald Trump agreed to new ethics rules in order to get a cryptocurrency bill across the line. The bill, which aims to bring the $2.3 trillion crypto market into mainstream legitimacy, has been pending in the Senate for weeks.
As part of his agreement, Trump consented to a measure that bars him and his wife from issuing meme coins. He also agreed to tougher ethics provisions, including one that requires him to put his crypto holdings in a blind trust and divest when they reach a certain value.
The president's concessions came after weeks of negotiations with Senate Republicans, who had been pushing for stronger conflict-of-interest restrictions on Trump. The bill now includes language that allows state attorneys general to step in and enforce the law if the Justice Department refuses.
Trump has amassed significant amounts of crypto wealth while in office, including over $500 million in revenue from his sons' cryptocurrency venture, World Liberty Financial. Critics argue that he should be subject to stricter conflict-of-interest laws, given his history of using public office for personal gain.