Trump Agrees to Crypto Ethics Provisions Amid Sweeping Bill Compromise

President Donald Trump agreed to new ethics rules as part of a compromise on the sweeping cryptocurrency bill being written in the Senate. The bill, known as the Clarity Act, aims to bring legitimacy to the $2.3 trillion crypto market. To pass the bill, senators needed Trump's consent to abide by conflict-of-interest restrictions.

The president agreed to bar himself and his wife from issuing meme coins, a type of cryptocurrency that can be launched quickly without regulatory oversight. He also consented to language that would require him to put his crypto holdings in a blind trust and divest when they reach a certain value. This provision was pushed by senators Ruben Gallego (D-Ariz.) and Thom Tillis (R-N.C.).

The compromise includes a 'meaningful role' for state attorneys general in enforcing the law, which is critical for Democrats who fear that a Trump-appointed attorney general might not enforce the conflict-of-interest provision against the president. The updated bill also requires crypto exchanges to list digital assets according to federal regulations.