Trump reviews ethics provision to defer millions in taxes
By: rootdata|2026/08/06 21:52:43
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Prefer us on GoogleSenators Thom Tillis (R-N.C.) and Ruben Gallego (D-Ariz.) sent ethics language to Trump last week, requiring him to divest from crypto-related businesses. This provision is crucial for passing the Clarity Act, the first comprehensive federal crypto regulation. If enacted, it could allow Trump to avoid federal taxes on his gains for years, potentially saving him millions. The latest language permits state attorneys general to enforce the ethics provision, a change from earlier drafts that restricted enforcement to the Justice Department. The Senate is under pressure to advance the Clarity Act before a month-long recess begins on Friday, with only a narrow window for passage. Senate Majority Leader John Thune (R-S.D.) has yet to file a cloture vote necessary for the bill's progression. The bill requires 60 votes to pass, needing Democratic support, while Republican backing remains uncertain. Senators Josh Hawley (R-Mo.), Susan Collins (R-Maine), and Lisa Murkowski (R-Alaska) have expressed concerns about various aspects of the bill. Discussions are ongoing about whether the Senate will remain in session over the weekend to resolve these issues.
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