Trump Relents on Crypto Bill Ethics as Senate Vote Looms
President Donald Trump has agreed to new ethics rules in order to get a sweeping cryptocurrency bill across the line. The bill, known as the Clarity Act, aims to bring the $2.3 trillion digital asset market into mainstream legitimacy. In exchange for his support, Trump consented to provisions that would bar him and his wife from issuing meme coins, similar to those he launched in January.
The agreement came after weeks of negotiations between Senate Republicans and Democrats, who have been pushing for tougher ethics measures. The updated bill includes language that requires the president to put his crypto holdings into a blind trust and divest when they reach a certain value.
Trump's support is crucial for the passage of the Clarity Act, which could determine the fate of the cryptocurrency industry in Washington. A pivotal Senate vote on Tuesday will decide whether the bill becomes law or whether the industry unleashes more campaign cash in the midterm elections.