Trump Agrees to Ethics Rules in Deal to Pass Crypto Bill
President Donald Trump has agreed to new ethics rules in exchange for support on a cryptocurrency bill in the Senate, but it remains unclear if those concessions will be enough to pass the legislation.
The crypto bill, known as the Clarity Act, aims to bring legitimacy to the $2.3 trillion market and is seen as crucial by lawmakers who want to regulate the industry.
A key hurdle has been Trump's massive holdings in cryptocurrency ventures, including his sons' World Liberty Financial, which generated over $500 million in revenue last year from crypto product sales.
To get around this issue, Senators Cynthia Lummis and Bernie Moreno met with Trump at the White House and proposed that he agree to conflict-of-interest restrictions. Trump surprisingly accepted the terms, including a ban on issuing meme coins like those launched by him and his wife Melania.