Trump Concedes on Crypto Bill Provision, Agrees to Strengthen Ethics Measures

After weeks of negotiation, President Donald Trump has agreed to a key provision in the crypto bill that addresses concerns about conflict-of-interest issues related to his wealth. The provision, which is part of broader cryptocurrency legislation, would require federally elected officials and their spouses, as well as federal judges, to divest or place in a blind trust any 'significant' financial interest in an entity that issues cryptocurrencies.

The agreement came after a core group of Democrats, led by Sen. Ruben Gallego (D-Ariz.), and Republican Sens. Cynthia Lummis (R-Wyo), Tim Scott (R-S.C.), and John Boozman (R-Ark.) pushed for stronger language in the bill. The new provision would also allow state attorneys general to sue a crypto exchange if they list a digital asset that would be barred under the law.

This agreement marks a significant concession from Trump, who had initially opposed giving state attorneys general the power to enforce the law. White House officials had raised concerns about using this power as a political weapon against elected officials. However, the updated bill now includes language that would give state attorneys general a 'meaningful role' in enforcing the crypto measure.