Trump Backs Crypto Bill with Ethics Reforms
President Donald Trump has agreed to include a significant portion of a stringent ethics proposal in the massive cryptocurrency bill, according to three main Republican authors. The legislation is headed for a key vote this week and would bar federally elected officials and their spouses from issuing digital assets.
The initial version of the bill had only one provision related to crypto, but Democrats and some Republicans demanded more robust language. Sen. Thom Tillis (R-N.C.) and Sen. Ruben Gallego (D-Ariz.) pushed for a measure that would allow state attorneys general to step in and enforce the law, alongside the Justice Department.
White House officials had expressed concerns about giving state attorneys general this power, fearing it could be used as a political tool against GOP officials or elected Democrats. However, Trump has agreed to 'about 80%' of the proposal from Tillis and Gallego, including the provision for state attorneys general.
The updated bill will include language requiring federally elected officials to either divest or place in a blind trust any significant financial interest in an entity that issues cryptocurrencies.