Trump Agrees to Ethics Rules for Crypto Bill Amid Industry Pressure
President Trump agreed to new ethics rules for crypto legislation after being told that it was necessary to get the bill across the line. The rules, which were negotiated between Trump's team and key senators, would bar federally elected officials and their spouses from issuing digital assets.
The agreement came after a meeting in July where Trump's team was presented with language that would require him to abide by conflict-of-interest restrictions. Trump reportedly agreed to the proposal with surprisingly little pushback.
However, another proposal presented later by senators Ruben Gallego and Thom Tillis went further, requiring the president to put his crypto holdings in a blind trust and divest when they reach a certain value. Trump agreed to this proposal as well, which would also allow state attorneys general to step in and enforce the law.
The development is seen as crucial for the passage of the cryptocurrency bill, which has been stalled due to disagreements over ethics provisions. The bill aims to regulate the $2.3 trillion crypto market and cement its legitimacy into law.