Trump Agrees to Crypto Ethics Rules, But Bill's Fate Remains Uncertain

President Donald Trump has agreed to new ethics rules as part of a cryptocurrency bill being written in the Senate, but it's unclear if those concessions will be enough to pass the legislation.

The bill aims to bring the $2.3 trillion crypto market into mainstream legitimacy, and its fate hinges on whether Trump agrees to stricter conflict-of-interest restrictions. The president has amassed significant amounts of crypto wealth while in office, complicating dynamics for senators drafting the legislation.

Senators Cynthia Lummis and Bernie Moreno met with Trump at the White House in mid-July and presented him with a proposal that would bar all federally elected officials and their spouses from issuing digital assets. Trump agreed to this measure, which would mean he could no longer sponsor meme coins like the ones he launched on the cusp of his second inauguration last January.

However, Sen. Ruben Gallego and Sen. Thom Tillis pushed for additional measures, including a requirement that the president put his crypto holdings in a blind trust and divest when those holdings reach a certain value. Trump agreed to this proposal as well, but it's unclear if it goes far enough to address concerns about conflict-of-interest.