Trump Agrees to Crypto Ethics Provisions as Bill Nears Crucial Senate Vote
President Donald Trump has agreed to new ethics rules in order to get a sweeping cryptocurrency bill across the line. The bill, which aims to bring the fledgling digital assets industry into the mainstream, has been stalled due to concerns over conflict-of-interest provisions that would apply to the president.
In July, Sens. Cynthia Lummis and Bernie Moreno met with Trump at the White House to discuss the bill. They presented language that would bar all federally elected officials and their spouses from issuing digital assets, which would mean Trump could no longer sponsor meme coins like the one he launched on the cusp of his second inauguration.
However, Sen. Ruben Gallego and Sen. Thom Tillis proposed an additional measure that would require the president to put his crypto holdings in a blind trust and divest when those holdings reach a certain value. This provision also allows state attorneys general to step in and enforce the law, which Democrats saw as crucial.
Trump agreed to this language after initial skepticism from White House officials who worried about giving state attorneys general too much power. The updated bill released Sunday includes requirements for federally elected officials to either divest or place their significant financial interests in a blind trust.