Trump Agrees to Crypto Ethics Rules Amid Bill Negotiations

The fate of the cryptocurrency bill in the US Senate hangs in the balance as President Donald Trump has agreed to new ethics rules that would apply to him and his wife. The concessions came after weeks of negotiations between lawmakers and White House officials.

According to a report, Trump initially agreed to bar himself and his wife from issuing meme coins, but later consented to an even tougher ethics proposal that includes requiring the president to put his crypto holdings in a blind trust and divest when those holdings reach a certain value.

The bill's lead author, Senator Cynthia Lummis (R-Wyo.), said that a vote against the Clarity Act is not a principled stand against President Trump but rather a vote against implementing tough restrictions on politicians for crypto investments.

Trump has amassed significant amounts of crypto wealth while in office, which has complicated dynamics for senators drafting legislation to bring the digital assets industry into the mainstream. The president has reported more than $500 million in revenue from World Liberty Financial sales of crypto products last year.