Newly approved ethics language signed by President Donald Trump would prohibit federal officials from issuing cryptocurrencies, and would put the Justice Department in charge of enforcing it, not states, which could become a sore spot in trying to pass broader cryptocurrency legislation.
Talk of the ethics language came out during an industry call on Tuesday afternoon with White House top crypto adviser Patrick Witt.
The language would prohibit federal officials such as members of Congress, the president and vice president from issuing digital assets, three sources told The Block on Tuesday.
The language also would put the Justice Department as the chief enforcer of the provision, not state attorneys general, which could become a flashpoint since Democrats have argued for states to have some control, two of the sources confirmed.
Crypto In America's Eleanor Terrett and The Hill's Julia Shapero also reported details on the ethics provision.
