Trump Agrees to Ethics Rules for Crypto Bill After Senators Make Pitch
President Donald Trump agreed to new ethics rules in order for a cryptocurrency bill to pass through the Senate. The $2.3 trillion market is waiting on this vote, which could determine whether Washington cements crypto legitimacy into law or whether the industry unleashes even more campaign cash in the midterm elections.
The crypto bill's fate hangs on Trump-focused ethics fight after senators met with the president at the White House. Sen. Cynthia Lummis, R-Wyo., and Sen. Bernie Moreno, R-Ohio, told The Associated Press that they had to convince Trump to abide by conflict-of-interest restrictions in order for key Democrats to get on board.
Trump agreed to bar federally elected officials and their spouses from issuing digital assets. This would mean he could no longer sponsor the type of meme coin he launched on the cusp of his second inauguration last January, nor could his wife, first lady Melania Trump, who also has a token.