Republicans are pushing major financial reform legislation that could allow President Donald Trump and his family to continue profiting from the White House. But so far, Democrats aren't biting.
According to Politico, "The 616-page draft includes a White House-approved ethics provision that would put in place new rules related to how federal officials can engage with digital assets," particularly cryptocurrency. Democrats in Congress are demanding "that the crypto bill include an ethics provision to address concerns about the Trump family’s lucrative crypto businesses. But they have already signaled that the provision Republicans have agreed to may not go far enough to win their support."
A big problem for Democrats would be that "the ethics language would be enforceable by the Department of Justice," which Democrats believe Trump can simply force to stand down. Instead, "they have pushed for state attorneys general to have a role in enforcing ethics language in the bill."
Per the report, Sen. Angela Alsobrooks (D-MD) voted for the bill in committee, but "has cautioned that her support is conditional on further changes being made on ethics and other issues," and has warned that DOJ-only enforcement language is "an unserious offer."
Since taking office, President Donald Trump and his family have reaped over $1.4 billion from crypto activity, per a recent report. This includes everything from Trump's promotion of a "meme coin" ahead of his inauguration to his son's role in the crypto business World Liberty Financial.
Senate Majority Leader John Thune (R-SD) intends to move forward on the bill next week.