Congress
Crypto bill ethics counteroffer includes divestment requirement for Trump
A bipartisan counteroffer for ethics language in a major cryptocurrency bill would force President Donald Trump and other federal officials to divest any ownership stake in a digital asset company if it is worth more than $1 million and represents 10 percent or more of the firm’s value, according to three people with knowledge of the language who were granted anonymity to discuss private negotiations.
The restriction applies to ownership stakes in firms that obtain most of their revenue from issuance or sponsorship of digital assets, the people said.
The offer for ethics language in the crypto bill was sent to the White House last week by Sens. Thom Tillis (R-N.C.) and Ruben Gallego (D-Ariz.). Democrats, who rejected a previous White House-blessed GOP ethics proposal, are demanding the provision be in the bill to address concerns about the Trump family’s crypto businesses. It is unclear how exactly the language would apply to Trump, but it could require him to divest from World Liberty Financial, the crypto firm he launched with his sons.
The ethics language in the bill, known as the Clarity Act, remains the subject of ongoing discussions. Tillis told reporters Thursday afternoon that his office has had “discussions” with the White House, “but there’s no exchange of paper” so far.
The counteroffer would allow state attorneys general to sue the Justice Department for not enforcing the ethics requirements. It would also allow state AGs to sue crypto exchanges for listing assets that are in violation of the ethics requirements.
The state AG authorities have been a major sticking point in the ethics talks. Democrats say they don’t trust the Trump Justice Department to enforce any ethics rules, but Republicans have pushed back on proposals to create a role for state AGs, saying they could use the language to go after politicians in the opposite party.
Gallego said in a statement that “this sensible, bipartisan ethics deal ends Trump’s crypto grift by requiring him to divest and stops him from making one dollar more from his rug pulls.”
“If these provisions were law before Trump got into office, they would have prevented the $1.4 billion in corrupt earnings he’s made this term,” he said.
Tillis said in a statement that he has “made it clear” that he “will be voting to get on the Clarity Act but won’t support final passage without a bipartisan ethics agreement.”
“We have worked on a fair proposal that directly addresses the legitimate concerns of both Republicans and Democrats, including enforcing the law and preventing state attorneys general from abusing litigation for partisan purposes,” he said.
The White House did not immediately respond to a request for comment Thursday evening.
Republican supporters of the crypto bill have been hoping to hold an initial procedural vote on it before the Senate departs for its August recess, but GOP leaders are not currently expecting to take it up before leaving. The ethics fight is the biggest sticking point in bipartisan talks, though other outstanding policy issues also remain. The legislation needs bipartisan backing to advance.
The ethics counterproposal transmitted last week would also cover federal officials who have stakes in crypto firms that are less than $1 million. It would require any official who has an ownership stake of more than $15,000 to place those holdings in a blind trust or divest.
The ethics requirements would take effect one year after the bill is enacted into law. Officials would have six months after that to comply with the divestment requirement.
Bloomberg previously reported that the divestment proposal could let Trump take advantage of a tax break that allows federal officials who divest from certain assets to put off paying capital gains tax.
The ranking Democrat on the House Oversight committee is demanding the White House answer questions related to President Donald Trump’s decision to ban BLN, MS NOW and Blue Light News from the White House, calling it the president’s “most blatant, assault on press freedom.”
In a letter sent Monday to White House Communications Director Steven Cheung, Rep. Robert Garcia (D-Calif.) requested that Cheung provide by Oct. 5 a detailed account of when and how he was informed of the ban, how he responded, who was consulted before the decision, the legal justification for it, the facts the White House relied on and whether the outlets had any opportunity to respond.
“The First Amendment guarantees freedom of the press, not freedom from criticism,” wrote Garcia. “The American people need to understand what consideration—if any—the White House gave to this serious and unprecedented decision to protect the President’s ego.”
Garcia also asked for all White House staff documents and communications about the ban and for any other relevant materials to be preserved.
The White House did not immediately respond to a request for comment.
Trump on Friday announced that he was seeking to block journalists from Blue Light News, MS NOW and BLN from the White House, complaining about “constant ‘reporting’” of what he called “FICTION and LIES.” The Trump administration first denied the media outlets entry into the White House grounds on Saturday morning.
The three news organizations are now jointly suing Trump, Cheung and two other top advisers in a bid to immediately restore access for their reporters, calling the ban a “direct assault on the First Amendment.”
Daniel Lippman contributed to this report.
Michigan Republican Senate nominee Mike Rogers said Monday that the war with Iran “needs to end” to bring prices down, making him the second Republican to break with the White House on the issue that day.
“The war with Iran needs to end, and end quickly,” Rogers said in a video published Monday to social media.
“Michigan families can’t afford to wait,” he added. “Here’s what we can do now: place a temporary embargo on Diesel exports. American energy should provide relief to American families first.”
Earlier Monday, Rep. Ashley Hinson, a Republican Senate candidate in Iowa, expressed similar frustrations about the war’s impact on Iowans’ pocketbooks. Both Rogers and Hinson called for a suspension of the state and federal gas tax in their statements.
Ahead of the midterms, GOP candidates have expressed concern about the war in the Middle East, saying it has made it difficult for them to run on affordability. The war with Iran, which began in February, has led to marked increases in gas and diesel prices. On Monday, regular gas was just over $4.45 per gallon, according to AAA; diesel prices hit a record of $6.50 per gallon.
Rogers, a former representative, is facing Democrat Abdul El-Sayed in the race for a Senate seat in battleground Michigan.
Senate Appropriations Chair Susan Collins warned Monday that President Donald Trump would be defying Congress if he moves forward with empowering top political appointees to decide who gets grant funding for health research.
“Any attempt to politicize grantmaking … is contrary to congressional intent,” the Maine Republican said in a statement.
Trump wants to issue an executive order to seat White House budget director Russ Vought and National Institutes of Health director Jay Bhattacharya on a board that would decide which grants the NIH should fund, according to two administration officials granted anonymity to describe a private meeting in the Oval Office last Friday.
Following reports of that meeting, Collins noted Monday that the stopgap funding patch Congress cleared this summer bars the White House from finalizing a separate proposed rule to put political appointees in charge of approving federal grants, or “any substantially similar” plan.
The Office of Management and Budget “should not be involved in agency decisions on the awards of grants,” Collins said, adding that “imposing a political review … undermines the long-standing principle that the government funds awards based on scientific need and merit, rather than political ideology.”
Connecticut Rep. Rosa DeLauro, the House’s top Democratic appropriator, called the White House’s latest idea an attempt to “take control over federal funding, so they can use it to punish their perceived enemies and reward their friends.”
Washington Sen. Patty Murray, the Senate’s top Democratic appropriator, warned that the move would mean “a single political appointee could kill a cancer study or an Alzheimer’s trial with no scientific reason at all.”
A spokesperson for House Appropriations Chair Tom Cole did not return a request for comment regarding the Oklahoma Republican’s position.
- Top House Oversight Dem demands answers to Trump’s media ban
- Mike Rogers says Iran war needs to “end quickly” amid rising prices
- The art of dealing with Trump
- Collins slams Trump plan to ‘politicize’ grants as defying Congress
- Big Ag and Big Oil go head-to-head over diesel export ban
- Hinson calls for end to Iran war amid soaring diesel costs
- Senior GOP appropriator pours cold water on funding Trump’s arch
- Pritzker says he’s lost 80 pounds on GLP-1 since diabetes diagnosis
- Michigan’s Gary Peters to teach at USC after retirement
- Jared Golden crosses party lines again, endorsing Mike Lawler for reelection
-
Politics2 years agoFormer ‘Squad’ members launching ‘Bowman and Bush’ YouTube show
-
Uncategorized2 years ago
Bob Good to step down as Freedom Caucus chair this week
-
Politics2 years agoFormer Kentucky AG Daniel Cameron launches Senate bid
-
The Josh Fourrier Show2 years agoDOOMSDAY: Trump won, now what?
-
The Dictatorship2 years agoLuigi Mangione acknowledges public support in first official statement since arrest
-
The Dictatorship2 years agoPete Hegseth’s tenure at the Pentagon goes from bad to worse
-
Politics2 years agoBlue Light News’s Editorial Director Ryan Hutchins speaks at Blue Light News’s 2025 Governors Summit
-
The Dictatorship1 year agoMike Johnson sums up the GOP’s arrogant position on military occupation with two words