Trump Relents on Crypto Bill, Agrees to Stricter Ethics Provisions

A bipartisan bill aimed at regulating cryptocurrencies has received significant support from President Donald Trump after he agreed to new ethics provisions, according to Republican senators.

The massive crypto bill initially had a provision that would bar federally elected officials and their spouses from issuing digital assets. However, Democrats and some Republicans felt this didn't go far enough in addressing conflict-of-interest issues related to Trump's cryptocurrency wealth.

In response, Sen. Thom Tillis (R-N.C.) and Sen. Ruben Gallego (D-Ariz.) pushed for language that would allow state attorneys general to step in and enforce the law alongside the Justice Department. This was agreed upon by Trump, with Republican senators Cynthia Lummis, Tim Scott, and John Boozman stating it includes a 'meaningful role' for state attorneys general.

The updated bill will also require officials to either divest or place in a blind trust any significant financial interest in an entity that issues cryptocurrencies. Additionally, Trump agreed to language allowing state attorneys general to sue a crypto exchange if they list a digital asset barred by the overall bill.