Trump Agrees to Crypto Ethics Rules in Exchange for Bill Support
The fate of the Clarity Act, a sweeping cryptocurrency bill in the Senate, hangs in the balance as President Donald Trump has agreed to new ethics rules in exchange for support from key senators.
This concession came after weeks of pressure from lawmakers, with some even suggesting that the president's crypto holdings could be used against him if he didn't comply. The new rules would bar Trump and his wife, Melania, from issuing meme coins, as they did ahead of Trump's second inauguration last January.
The bill aims to bring legitimacy to the $2.3 trillion cryptocurrency market by implementing tough restrictions on politicians for crypto investments. Senators Lummis and Moreno had initially met with Trump in mid-July to discuss the proposal, which would also require the president to put his crypto holdings in a blind trust and divest when they reach a certain value.
The updated bill released Sunday includes language that allows state attorneys general to step in and enforce the law in addition to the Justice Department. This provision was seen as crucial by Democrats, who had previously expressed concerns about trusting Trump-appointed officials to enforce any conflict-of-interest provisions against the president.