President Donald Trump will meet Thursday at 2:30 p.m. with Republican Sens. Bernie Moreno and Cynthia Lummis, White House crypto adviser Patrick Witt, and White House Chief of Staff Susie Wiles to discuss ethics provisions for landmark cryptocurrency legislation, according to Solana Policy Institute President Kristin Smith. The meeting aims to resolve one of the biggest obstacles to passing the Clarity Act, a sweeping bill that would comprehensively regulate digital assets at the federal level for the first time. Lawmakers from both parties have spent months negotiating ethics language to address concerns about Trump and his family's crypto ventures, including hundreds of millions of dollars in crypto-related income tied to World Liberty Financial revealed in Trump's financial disclosure last month. Senate Majority Leader John Thune has said he wants to send the bill to a full Senate vote before the August recess, with updated legislative text expected before the end of the week.
Trump to Meet Lawmakers and White House Staff on Thursday at 2:30 p.m.
The meeting is scheduled for Thursday at 2:30 p.m. with Republican Sens. Bernie Moreno and Cynthia Lummis, White House crypto adviser Patrick Witt, and White House Chief of Staff Susie Wiles, according to Solana Policy Institute President Kristin Smith. Smith said the purpose is to pitch Trump ideas on the ethics issue and get his sign-off. "So I think that's hugely positive," Smith said in an interview with The Block. Smith called the meeting "critical" to getting the Clarity Act passed, with the focus on obtaining Trump's sign-off on ethics provisions. CoinDesk first reported news of the meeting. Lummis, Moreno, and the White House did not respond to a request for comments on details about the meeting. A crypto industry source said movement on the Clarity Act hinges on Thursday's meeting. "The fact Trump himself is attending is a big deal, in my opinion," the source said. "Shows he's intent on getting a deal done."
Trump Financial Disclosure Revealed Hundreds of Millions in Crypto Income
Last month, Trump's financial disclosure revealed hundreds of millions of dollars in crypto-related income tied to his family's company, World Liberty Financial, adding fuel to ethics negotiations. Negotiators from both parties have spent months discussing ethics provisions that would limit how presidents, vice presidents, members of Congress, and other federal officials can profit from digital assets while in office. The Senate is working quickly to push the sweeping cryptocurrency bill through its chamber in the next few weeks. According to multiple news reports, Senate Majority Leader John Thune has said he wants to send the bill to a full Senate vote before the August recess. Updated legislative text is still expected to be released before the end of the week.
Democrats Demand Ethics Provisions Before Full Senate Vote
Democrats from Sen. Elizabeth Warren to Chris Murphy have argued that an ethics provision is essential. During a vote in the Senate Banking Committee for the bill, Sens. Ruben Gallego and Angela Alsobrooks voted in favor of the legislation but said issues around ethics had to be resolved before it goes to the full Senate. On Tuesday at Maryland Blockchain Week, Alsobrooks said there are concerns around ethics, adding that she is hopeful that progress can be made in the next few weeks, but said the ball is in Republicans' court. "But I think everybody should be clear that my Republican colleagues are going to have to lean in and make sure that these issues are addressed," she said. Later on Tuesday, Democratic Sens. Chris Van Hollen, Chris Murphy, and Jeff Merkley held a press conference opposing the Clarity Act, and participants held up signs that said "Stop Trump's Crypto Corruption." During the event, Van Hollen said Democrats should not allow any crypto bill to advance in the Senate without addressing ethics concerns. "Let's hope it never sees the light of day," he said.
Republicans Propose Blind Trusts as Ethics Solution
Republicans signaled they remain engaged in negotiations over ethics provisions. Sen. Cynthia Lummis told Fox Business that lawmakers have been working on the issue but pushed back on a potential proposal that would allow state attorneys general to sue an elected official. She said the use of "blind trusts," however, remains under consideration. "When we finally come to the language that both the Congress can live with and the White House can live with, I think it's going to be a decent balance and something fair," she said Tuesday. Solana Policy Institute's Smith voiced optimism on Wednesday afternoon and said she is eager to see how Thursday's meeting goes. "This could totally get done and I say this as somebody who thought for a very long time that there's no way this is getting done," Smith said. "So I think I'm probably a little more optimistic than others right now."
FAQ
What is the purpose of Trump's meeting with lawmakers on Thursday?
The meeting scheduled for Thursday at 2:30 p.m. aims to pitch Trump ideas on ethics provisions for the Clarity Act and get his sign-off, according to Solana Policy Institute President Kristin Smith. The focus is to resolve ethics language that addresses concerns about Trump and his family's crypto ventures.
What did Trump's financial disclosure reveal about crypto income?
Last month, Trump's financial disclosure revealed hundreds of millions of dollars in crypto-related income tied to his family's company, World Liberty Financial. This disclosure added fuel to ethics negotiations over the Clarity Act.
What ethics proposals are Republicans considering for the crypto bill?
Sen. Cynthia Lummis told Fox Business that the use of "blind trusts" remains under consideration as an ethics solution. She pushed back on a potential proposal that would allow state attorneys general to sue an elected official.
