Trump Backs Crypto Ethics Curbs on $1.4 Billion Holdings as Senate Nears Tuesday Vote
Updated
Updated · St. Paul Pioneer Press · Sep 14
Trump Backs Crypto Ethics Curbs on $1.4 Billion Holdings as Senate Nears Tuesday Vote
3 articles · Updated · St. Paul Pioneer Press · Sep 14
Summary
Trump agreed to new crypto ethics rules that would require significant holdings to be divested or placed in a blind trust and give state attorneys general an enforcement role.
The concessions were made to rescue a Senate cryptocurrency bill before a pivotal Tuesday vote, after key senators said Democratic support depended on ethics rules applying to Trump as well.
The revised measure would also bar federally elected officials, their spouses and federal judges from issuing digital assets, blocking the kind of meme coins Trump and Melania Trump launched.
Trump’s stake in the fight is unusually direct: he reported more than $1.4 billion from crypto businesses last year, including over $500 million tied to World Liberty Financial and more than $600 million from meme-coin sales.
If the bill passes, it could mark a watershed for the $2.3 trillion crypto market; if it fails, the industry may pour even more money into the midterm elections.