Trump Agrees to Crypto Ethics Rules, But Bill's Fate Remains Uncertain
President Donald Trump has agreed to new ethics rules in order for a sweeping cryptocurrency bill to pass through the Senate. The bill aims to bring legitimacy to the $2.3 trillion market, but its fate hangs in the balance as senators debate whether Trump's concessions go far enough.
In mid-July, Sens. Cynthia Lummis and Bernie Moreno met with Trump at the White House and presented a proposal that would bar all federally elected officials and their spouses from issuing digital assets. This includes Trump and his wife, Melania, who launched meme coins on the cusp of his second inauguration last January.
However, senators Ruben Gallego and Thom Tillis pushed for an additional provision that would require the president to put his crypto holdings in a blind trust and divest when they reach a certain value. Trump initially expressed skepticism about this measure but eventually agreed to language that includes a 'meaningful role' for state attorneys general in enforcing the crypto measure.
The updated bill, which was released on Sunday, also includes a requirement for officials to either divest or place in a blind trust any 'significant' financial interest in an entity that issues cryptocurrencies. Trump has amassed significant amounts of crypto wealth while in office, including more than $1.4 billion from crypto businesses last year.