Trump Agrees to Crypto Ethics Rules as Senate Bill Hits Critical Vote
President Donald Trump has agreed to new ethics rules as part of an effort to pass a sweeping cryptocurrency bill in the Senate. The bill, known as the Clarity Act, aims to bring legitimacy to the $2.3 trillion crypto market.
The president's agreement was reached after weeks of pressure from senators drafting the legislation. Trump had been warned that he would have to abide by conflict-of-interest restrictions if he wanted key Democrats on board with the bill.
Trump initially agreed to a measure that would bar him and his wife from issuing meme coins, similar to one he launched in January 2023. However, this concession was not enough for some senators, who presented an additional proposal that went further.
The new proposal requires the president to put his crypto holdings in a blind trust and divest when those holdings reach a certain value. It also allows state attorneys general to step in and enforce the law in addition to the Justice Department.