Trump Agrees to Strengthen Ethics Provisions in Crypto Bill
President Donald Trump has agreed to modify a bipartisan ethics provision in the massive crypto bill currently before Congress. The change addresses concerns from Democrats, including Sen. Thom Tillis and Sen. Ruben Gallego, who had demanded more stringent language.
The original proposal aimed to bar federally elected officials and their spouses, as well as federal judges, from issuing digital assets. However, Trump's agreement adds a 'meaningful role' for state attorneys general in enforcing the crypto measure should it become law.
White House officials had raised concerns that giving state attorneys general the power to enforce the law could be used as a political tool against the president and other GOP officials. Despite these reservations, the updated bill will include language allowing state attorneys general to sue a crypto exchange if they list a digital asset barred by the overall bill.
A key aspect of Trump's agreement is a requirement for federally elected officials to either divest or place in a blind trust any 'significant' financial interest in an entity that issues cryptocurrencies. This change addresses concerns about potential conflict-of-interest issues related to Trump's crypto wealth.