Trump Agrees to Ethics Rules for Crypto Bill Compromise

President Donald Trump has agreed to new ethics rules as part of a compromise to pass a sweeping cryptocurrency bill in the Senate. The move is seen as crucial for bringing legitimacy to the $2.3 trillion market, but its success hinges on whether those sign-offs from Trump go far enough.

The bill's fate hangs in the balance as it faces a pivotal Senate vote on Tuesday. Senators had been pushing for ethics provisions that apply to Trump and his family, particularly after he amassed significant amounts of crypto wealth while in office.

Trump agreed to language that would bar him and his wife from issuing meme coins, which they launched last January. He also consented to a tougher ethics proposal presented by Sens. Ruben Gallego and Thom Tillis, which includes requiring the president to put his crypto holdings in a blind trust and divest when those holdings reach a certain value.

The updated bill would also allow state attorneys general to sue a crypto exchange if they list a digital asset that would be barred in the overall bill. Trump had initially expressed concerns about giving state attorneys general the power to enforce the law, arguing it could be used as a political weapon against him and other GOP officials.

Despite these concessions, some Democrats remain skeptical, with Sen. Gallego saying the new ethics language 'leaves a lot to be desired.' He plans to prepare another counteroffer on ethics.