Trump's Crypto Concessions May Not Be Enough as Senate Vote Looms

President Donald Trump agreed to new ethics rules for the crypto bill in exchange for support from key senators. The move aims to bring the digital assets industry into the mainstream and establish legitimacy for cryptocurrencies.

The White House initially pushed back on a proposal by Senators Ruben Gallego and Thom Tillis, which would require the president to put his crypto holdings in a blind trust and divest when they reach a certain value. However, after several conversations with industry officials, Trump agreed to about 80% of the proposal, including a 'meaningful role' for state attorneys general to enforce the law.

The development is crucial for the $2.3 trillion market as it hinges on whether those sign-offs from Trump go far enough. A Senate vote on Tuesday could determine whether Washington cements crypto legitimacy into law or whether a frustrated industry unleashes more campaign cash in the midterm elections.

Senators Lummis and Moreno have been pushing for conflict-of-interest restrictions to get key Democrats on board with the bill. The language presented by them would bar all federally elected officials and their spouses, as well as federal judges, from issuing digital assets.