Washington DC - President Donald Trump and his administration recently agreed to add new ethics language to a Republican-backed cryptocurrency bill that will soon face a Senate vote.
On Monday, Wyoming Senator and Banking Digital Assets Subcommittee Chair Cynthia Lummis released the final draft of the "Digital Asset Market Clarity Act," which includes a provision that seeks to bar public officials from issuing or sponsoring digital assets.
If passed, the Department of Justice (DOJ) and state attorneys general would be tasked with enforcing the rule.
Lummins claimed the edit, which Trump "voluntarily agreed to," came after "over a year of bipartisan negotiations and 126 substantive changes made at the request of Democrats."
In a statement, Lummins argued that voting against the new draft "means opposing real ethics reforms on politicians' personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets."
"Democrats got what they wanted; now they need to take yes for an answer," she added.
In his second term, President Trump has made allies with crypto leaders and sought to weaken federal regulations surrounding the industry.
Trump and members of his family have also sought to use the president's standing to profit off the industry - recent financial filings revealed the president has earned over $1 billion from crypto ventures since his return to office.
Democrats have been pushing for crypto-related bills to include ethics rules to bar such activities.
The release of the draft came as the Senate returned from recess on Monday, and a procedural vote on the bill was scheduled for Tuesday.