Trump Concedes on Crypto Bill Ethics Provisions in Bipartisan Deal
President Donald Trump has agreed to a significant portion of a bipartisan ethics proposal that is part of a broader cryptocurrency bill. The provision, which had been opposed by some in the administration, would require federally elected officials and their spouses to either divest or place any 'significant' financial interest in an entity that issues cryptocurrencies into a blind trust.
The White House had initially raised concerns about giving state attorneys general the power to enforce the law, arguing it could be used as a political weapon against the president and other GOP officials. However, after negotiations with Sen. Thom Tillis, R-N.C., and Sen. Ruben Gallego, D-Ariz., among others, Trump agreed to 'about 80%' of their proposal.
The updated version of the bill will include a requirement for state attorneys general to be able to sue a crypto exchange if they list a digital asset that would be barred in the overall bill. This concession was made by Trump in order to secure the necessary votes from key Democrats, who had previously threatened to block the bill.