Trump Agrees to Crypto Ethics Rules, But Will It Be Enough

President Donald Trump has agreed to new ethics rules for crypto legislation, but it's unclear if they'll be enough to get the bill across the line. The White House has been working with senators to draft a measure that would bring the $2.3 trillion market into mainstream legitimacy.

Senate Republicans say Trump consented to language in the Clarity Act that bars him and his wife from issuing meme coins, which he launched ahead of his second inauguration last January. The bill also includes provisions for state attorneys general to enforce crypto laws, a critical component for Democrats who have been pushing for stricter ethics regulations.

Senators Cynthia Lummis and Bernie Moreno went to the White House in mid-July to discuss the bill with Trump. They presented language that would bar all federally elected officials and their spouses from issuing digital assets, which would mean Trump could no longer sponsor meme coins or issue governance tokens through World Liberty Financial.

The updated version of the bill released Sunday includes a requirement for presidential candidates to either divest or place in a blind trust any significant financial interest in an entity that issues cryptocurrencies. This provision was pushed by Senators Ruben Gallego and Thom Tillis, who had been seeking additional measures to address ethics concerns.