Quick Take
Sens. Thom Tillis (R-N.C.) and Ruben Gallego (D-Ariz.) sent Trump ethics language last week requiring him to divest from crypto-related businesses, Bloomberg reported Thursday.
That provision is now critical to passing the first comprehensive federal crypto regulation.
President Donald Trump is reviewing ethics language in a bid to pass broader cryptocurrency legislation — which could result in a personal tax benefit for himself.
Sens. Thom Tillis (R-N.C.) and Ruben Gallego (D-Ariz.) sent Trump ethics language last week requiring him to divest from crypto-related businesses, Bloomberg reported on Thursday, citing people familiar with the matter. That divesture could mean that Trump would not have to pay federal taxes on his gains for years, or potentially ever, and could be worth millions of dollars in tax savings, according to Bloomberg.
