Trump Concedes Crypto Ethics Rules, Fate of Bill Hangs in Balance

President Donald Trump has agreed to new ethics rules to get a cryptocurrency bill through the Senate. The rules would bar him and his wife from issuing meme coins, which they launched as he prepared to return to the White House for a second time.

The agreement was reached after weeks of negotiations with senators, including Sen. Cynthia Lummis, R-Wyo., who is leading the crypto bill. Trump agreed to language that would require him to put his crypto holdings in a blind trust and divest when they reach a certain value.

The rules also allow state attorneys general to step in and enforce the law in addition to the Justice Department. This provision was critical for Democrats, who said they would not be able to trust a Trump-appointed attorney general to enforce any conflict-of-interest provision against the president.

The Senate is set to vote on the cryptocurrency bill on Tuesday, which could determine whether Washington cements crypto legitimacy into law or unleashes even more campaign cash in the midterm elections.