Key Senate Democrats involved in bipartisan crypto talks are demanding ethics guardrails that prohibit public officials from profiting off of crypto business ties, including the president. The effort needs White House buy-in, and doubts are mounting that will happen before high-profile markups next week.
This is just one more issue that could imperil the sweeping effort to overhaul the financial system for the sake of crypto.
Sen. Adam Schiff (D-Calif.), who has championed the issue among Democrats and worked closely with Sen. Cynthia Lummis (R-Wyo.), said ethics controls covering the White House were essential. “That needs to be applied to everyone,” Schiff said on Thursday.
Sen. Ruben Gallego (D-Ariz.) was even more severe. “It is a red line,” Gallego said. “They need to get it right, or they’re not going to have enough votes to pass this.” Getting it right means including White House officials, Gallego said.
