Trump agrees to new bipartisan ethics provision in massive crypto bill

President Donald Trump has agreed to a significant portion of a stringent ethics proposal included in a cryptocurrency bill, according to three main Republican authors of the bill. The proposal initially required federally elected officials, their spouses, and federal judges from issuing digital assets. However, Democratic Senators Thom Tillis and Ruben Gallego demanded additional language to address conflict-of-interest issues related to Trump's crypto wealth.

Their votes were crucial for advancing the bill in an upcoming key vote on Tuesday. Tillis, along with Senators Ruben Gallego and others, demanded that state attorneys general could enforce the law, not just the Justice Department. A bipartisan bill, which includes a "meaningful role" for state attorneys general in enforcing the crypto measure, has been agreed upon by Republican Sens.

Cynthia Lummis, Tim Scott, and John Boozman. Although White House officials initially raised concerns about the potential misuse of this power by Democratic state attorneys general, a senior GOP aide revealed that President Trump has agreed to around 80% of the proposal, particularly emphasizing the provision for state attorneys general.

The updated bill will now require individuals with significant financial interests in cryptocurrency entities to either divest or place them in a blind trust, as well as allow state attorneys general to sue crypto exchanges listing barred digital assets.