Trump Concedes to Stricter Crypto Ethics Rules Amid Senate Vote
President Donald Trump has agreed to a key aspect of a strict ethics proposal embedded within a broader cryptocurrency bill set for a critical Senate vote this week, according to three Republican sponsors. The legislative proposal initially contained a single restriction that would prohibit federally elected representatives and their spouses from creating or issuing digital assets.
A coalition of Democrats, including Sen. Thom Tillis, R-N.C., argued that the initial terms were insufficient to manage potential conflicts of interest surrounding Trump's cryptocurrency holdings. They called for specific statutory language authorizing state attorneys general to enforce the legislation alongside the federal Justice Department.
Trump has endorsed 'about 80%' of the compromise put forward by Tillis and Gallego, which includes a mandate requiring officials to divest from or place into a blind trust any 'significant' financial stake in entities that launch digital currencies. State attorneys general would have a 'meaningful role' in upholding cryptocurrency oversight rules if the bill is signed into law.