Trump Agrees to Ethics Rules to Advance Crypto Bill, Senate Vote Looms
President Donald Trump has agreed to new ethics rules in order to advance a sweeping cryptocurrency bill in the Senate. The bill, which could determine the legitimacy of crypto in law, has been met with resistance from Mr. Trump due to his significant holdings in various crypto ventures.
The President's consent came after weeks of negotiations with senators drafting the legislation. He agreed to bar himself and his wife, Melania Trump, from issuing meme coins, a type of digital asset that he had previously launched as he prepared to return to the White House for a second time.
Mr. Trump also consented to tougher ethics provisions, including a requirement for him to put his crypto holdings in a blind trust and divest when those holdings reach a certain value. This move would allow State Attorneys General to step in and enforce the law in addition to the Justice Department, a critical provision for Democrats.
The fate of the cryptocurrency bill now hangs on whether these sign-offs from Mr. Trump go far enough. A pivotal Senate vote is scheduled for Tuesday, September 15, which could determine the bill's success.