Trump Agrees to Crypto Ethics Rules Amid $8T Warning

The White House has warned of an $8 trillion crypto shock as President Trump agrees to new ethics rules. The warning comes as the US Senate prepares to vote on a bill that aims to establish clearer regulations for the industry and bring digital assets further into the financial system.

Lawmakers are pushing for stricter ethics rules, including preventing federally elected officials from creating or issuing digital assets. They also want Trump to place significant cryptocurrency holdings in a blind trust, rather than benefiting personally from his position in the White House.

The bill, known as the Clarity Act, has sparked controversy with some lawmakers opposing its provisions, citing concerns over state attorneys general enforcing the law. However, Senator Cynthia Lummis, R-Wyo., who is the lead author of the crypto bill, argues that a vote against the act is not a principled stand against Trump but rather a vote against implementing tough restrictions on politicians for crypto investments.