Trump Relents: Crypto Bill Advances with New Ethics Provisions
President Donald Trump agreed to new ethics rules for his administration to get a sweeping cryptocurrency bill across the line in the Senate. The bill, known as the Clarity Act, aims to bring legitimacy to the $2.3 trillion crypto market by setting clear regulations.
The White House had initially shown skepticism about including provisions that would apply to Trump personally, but after meetings with key senators, including Cynthia Lummis and Bernie Moreno, he agreed to abide by conflict-of-interest restrictions.
Under the new rules, all federally elected officials and their spouses, as well as federal judges, will be barred from issuing digital assets. This means that Trump would no longer be able to sponsor meme coins like those launched on the cusp of his second inauguration last January, nor would his wife, Melania Trump.
However, a tougher ethics proposal presented by Senators Ruben Gallego and Thom Tillis has also been agreed upon. It requires the president to put his crypto holdings in a blind trust and divest when those holdings reach a certain value. The provision allows state attorneys general to step in and enforce the law in addition to the Justice Department, which has raised concerns about partisan politics.