Tillis helps secure stronger ethics provisions in federal cryptocurrency bill
The North Carolina senator and Democratic Sen. Ruben Gallego sought enforcement authority for state attorneys general and restrictions addressing elected officials’ cryptocurrency interests.
WASHINGTON — U.S. Sen. Thom Tillis of North Carolina helped negotiate stronger government-ethics provisions in a major cryptocurrency bill headed toward a key Senate vote.
President Donald Trump agreed to a substantial portion of an ethics proposal developed by Tillis, a Republican, and Democratic Sen. Ruben Gallego of Arizona, according to Republican senators involved in negotiating the legislation.
The broader bill would establish a federal regulatory framework for cryptocurrency and other digital assets. Its original ethics language would have barred federal elected officials, their spouses and federal judges from issuing digital assets.
Tillis and a group of Democratic senators argued that the provision did not go far enough to address potential financial conflicts involving Trump and other federal officials with cryptocurrency interests.
Their votes could be necessary for the legislation to advance.
The Tillis-Gallego proposal sought authority for state attorneys general to enforce the legislation alongside the U.S. Department of Justice. Republican Sens. Cynthia Lummis of Wyoming, Tim Scott of South Carolina and John Boozman of Arkansas said the agreement gives state attorneys general a meaningful enforcement role.
A senior Republican aide told The Associated Press that Trump agreed to about 80% of the Tillis-Gallego proposal.
The revised language was also expected to require federal officials with a significant financial interest in a cryptocurrency issuer to divest that interest or place it in a blind trust.
Another provision would allow state attorneys general to sue cryptocurrency exchanges that list digital assets prohibited under the legislation.
The precise effect of the compromise will depend on the final legislative language. Tillis’ office had not issued a public statement on the reported agreement by early Monday, and his aides did not immediately respond to the AP’s request for comment Sunday night.
The legislation still must clear Senate procedural and final votes before going to the House or the president. Agreement on the ethics language does not guarantee that enough senators will support the entire measure.
The negotiations nevertheless place Tillis at the center of a dispute involving cryptocurrency regulation, presidential financial interests and the ability of state officials—including North Carolina’s attorney general—to enforce federal ethics restrictions.
Editor’s note:
This article was drafted with the assistance of artificial intelligence and was reviewed and fact-checked by a member of the NC Political News editorial team before publication.
