US Consultant Ro Khanna (D-Calif.) is proposing new laws to ban elected officers from proudly owning or launching cryptocurrencies, following President Donald Trump’s controversial pardon of Binance founder Changpeng “CZ” Zhao.
Key Takeaways:
- Rep. Ro Khanna plans to introduce a invoice banning lawmakers from proudly owning or creating cryptocurrencies.
- The transfer follows Donald Trump’s pardon of Binance founder Changpeng Zhao.
- Khanna accused Trump of “blatant corruption,” alleging monetary ties between Zhao and the Trump household’s crypto enterprise, World Liberty Finance.
Talking on MSNBC’s Morning Joe Monday, Khanna accused the president of participating in “blatant corruption,” alleging Zhao, a international billionaire convicted of money-laundering violations, had “funneled cash to Hamas, Iran, and baby abusers.”
He additionally recommended Zhao financially backed World Liberty Finance, a cryptocurrency enterprise linked to Trump’s household.
Khanna Requires Crypto Ban on Lawmakers
“It’s so unlawful. It’s proper in our faces,” Khanna stated, arguing that lawmakers ought to be banned “from having cryptocurrency and accepting international cash.”
Khanna’s feedback, later shared on his official YouTube channel, mischaracterized some information surrounding Zhao’s case.
The previous Binance CEO pleaded responsible to money-laundering violations as a part of a $4.3 billion settlement with the US Division of Justice final yr however served solely 4 months in jail, not 4 years as Khanna claimed.
The congressman stated he intends to introduce the invoice this week, framing it as an extension of his 2023 Ban Congressional Inventory Buying and selling Act, which sought to bar members of Congress and senior officers from buying and selling particular person equities.
That invoice stalled in committee however helped spark broader bipartisan discussions on tightening monetary ethics for public officers.
Khanna stated his new proposal would mirror these ideas, requiring lawmakers to divest from digital property or place them in blind trusts, to forestall conflicts of curiosity.
“This isn’t a tech concern,” he stated. “It is a corruption concern. It’s cash going into somebody on the White Home, and the White Home taking official actions like pardons in change.”
The push marks the newest political fallout from Trump’s choice to pardon Zhao, a transfer that has drawn sharp criticism from Democrats and ethics watchdogs.
If enacted, Khanna’s proposal would make cryptocurrency the newest asset class off-limits to federal lawmakers, underscoring Washington’s rising unease with the intersection of politics, cash, and digital property.
Binance Eyes US Comeback After Trump Pardons Founder Changpeng Zhao
Binance is reportedly exploring methods to re-enter the US market following President Donald Trump’s pardon of founder Changpeng “CZ” Zhao, in response to Bloomberg.
The change is weighing choices corresponding to merging its US affiliate with its world platform or permitting its most important change to serve American customers straight.
Zhao’s pardon, granted after his 2023 responsible plea for anti–cash laundering violations, has reignited scrutiny amid Binance’s $2 billion take care of Trump’s family-backed crypto enterprise, World Liberty Monetary.
The clemency removes prior authorized obstacles that had restricted his involvement in Binance operations.
Authorized specialists say the transfer successfully reinstates Zhao’s capacity to interact in enterprise choices, giving the corporate’s management a serious enhance because it eyes renewed US entry.
Zhao, whose web value stands at $61.4 billion, stays one of the highly effective figures in crypto, overseeing an ecosystem with $8.7 billion in on-chain property.
The pardon comes as Trump continues to court docket the digital asset trade, along with his household reportedly incomes over $1 billion from crypto ventures.
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