Donald Trump has accepted most of a tougher bipartisan ethics package attached to sweeping legislation governing America’s $2.3 trillion cryptocurrency industry.
Trump has agreed to roughly 80% of the proposed ethics provisions ahead of a pivotal Senate vote on Tuesday.
The measures would require significant cryptocurrency interests to be divested or placed into a blind trust.
State attorneys general would also gain enforcement powers alongside the Justice Department.
The restrictions are particularly significant because Trump has substantial financial interests in the industry his administration is helping regulate.
AP reports that Trump disclosed more than $500 million in revenue from World Liberty Financial crypto products and more than $1.4 billion in crypto-business revenue overall last year.
THE RULES SHOULD APPLY AT THE TOP
The legislation is intended to establish a regulatory framework for an industry worth approximately $2.3 trillion.
That makes conflicts of interest at the highest levels of government impossible to treat as a secondary issue.
Trump’s acceptance of tougher restrictions is therefore significant.
The principle should not depend on who occupies the White House.
If politicians can personally profit from an industry while writing the laws governing it, conflict-of-interest rules need teeth.
Sources
Associated Press: Trump agrees to tougher crypto ethics provisions
Associated Press: Crypto legislation and Trump’s financial interests
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