Trump Relents on Crypto Ethics Provision, Agrees to Key Amendments
President Donald Trump has agreed to a significant portion of a bipartisan ethics provision in a massive cryptocurrency bill, according to a senior GOP official. The proposal aims to address conflict-of-interest issues related to Trump's crypto wealth.
The bill initially included a provision that would bar all federally elected officials and their spouses from issuing digital assets. However, a core group of Democrats, including Sen. Thom Tillis, R-N.C., argued that this didn't go far enough to address their concerns.
Tillis and Sen. Ruben Gallego, D-Ariz., had demanded language allowing state attorneys general to step in and enforce the law, in addition to the Justice Department. White House officials had raised concerns about giving state attorneys general the power to enforce the law, fearing it could be used as a political weapon against the president and other GOP officials.
Trump has agreed to 'about 80%' of the proposal from Tillis and Gallego, with an updated version of the bill including requirements for federally elected officials to divest or place in a blind trust any significant financial interest in an entity that issues cryptocurrencies.