Trump Approves Bipartisan Crypto Bill Provision Amid Ethics Concerns

President Donald Trump has agreed to significant portions of a bipartisan ethics proposal in a massive cryptocurrency bill. The bill, which is set for a key vote on Tuesday, initially had a provision that would bar federally elected officials and their spouses from issuing digital assets. However, a group of Democrats and Republican Senator Thom Tillis of North Carolina pushed for language that would allow state attorneys general to enforce the law in addition to the Justice Department.

Tillis and Democratic Senator Ruben Gallego had demanded this change to address concerns about conflict-of-interest issues related to Trump's crypto wealth. The White House and Senate Republicans have been negotiating with Democrats on this bill for over a year, according to Patrick Witt, the President's crypto adviser.

Trump has agreed to 'about 80%' of the proposal from Tillis and Gallego, including language that would give state attorneys general a meaningful role in enforcing the crypto measure. The updated bill will also require federally elected officials to either divest or place in a blind trust any significant financial interest in an entity that issues cryptocurrencies.

The agreement was reached after concerns were raised by White House officials about giving state attorneys general the power to enforce the law, fearing it could be used as a political weapon against the President and other GOP officials.