US Rep Pushes To Ban Crypto Trading For Presidents and Congress Members
US Representative Ro Khanna is anticipated to introduce a decision right this moment that might cease the President, his relations, and members of Congress from buying and selling crypto or shares and accepting overseas funds.
The proposal comes amid rising public outrage over President Donald Trump’s resolution to pardon Binance founder Changpeng Zhao. It additionally factors to a broader frustration with politicians and their potential to commerce whereas occupying positions of energy.
Khanna Targets Crypto Trading in Congress
California Representative Ro Khanna is about to unveil a Congressional decision right this moment to stop the President and Members of Congress from trading cryptocurrencies and accepting foreign money.
Khanna first introduced the initiative over the weekend. Since then, he has used social media and televised interviews to clarify his reasoning behind this transfer.
“We have a president who’s enriching himself and his household in an obscene wealth that’s unprecedented in American historical past. People must get up to what’s happening– it’s corruption proper earlier than our very eyes,” Khanna informed MSNBC.
The California consultant has lengthy advocated for banning inventory buying and selling by politicians and prohibiting marketing campaign contributions from PACs and lobbyists. This new measure seems prompted by Trump’s latest resolution to grant a outstanding crypto determine clemency.
Trump’s Binance Pardon Fuels Political Backlash
Last week, Trump pardoned Binance founder Changpeng Zhao (CZ) for violating US anti-money laundering legal guidelines.
Some welcomed the information, viewing the case towards CZ for instance of unfair remedy towards the crypto trade. Others, nonetheless, noticed it as a political transfer and a calculated effort by Binance to win the President’s favor.
Khanna aligned himself with the latter view.
“You’ve acquired a overseas billionaire who was principally engaged in cash laundering, having cash go to Hamas, Iran, [and] little one abusers. He was convicted and served 4 [months] in jail. And then he petitions for a pardon… and what he does is he says, ‘I’m going to assist World Liberty’… which they’re making millions of dollars on whereas Donald Trump is President,” he defined in one other MSNBC interview.
Despite these public remarks, Khanna’s workplace has not but launched the detailed textual content of the proposed laws.
What distinguishes Khanna from different important Democrats is his typically constructive outlook on cryptocurrencies.
Growing Scrutiny Over Politics and Crypto
Stand With Crypto, a crypto advocacy group closely affiliated with Coinbase, presently lists Khanna as a politician who’s “strongly supportive” of cryptocurrency.
The California consultant’s A-grade sharply contrasts with a few of his Democratic colleagues and outspoken critics of the President’s connections to the crypto trade. For occasion, Senator Elizabeth Warren and fellow Californian Representative Maxine Waters maintain F-grades.
Despite his favorable view of crypto and its underlying technology, Khanna has typically advocated for a transparent separation between the trade’s affect and politics.
This sentiment has just lately grown stronger among the many public as Trump’s ties to the crypto trade have expanded.
Trump’s marketing campaign and affiliated PACs have acquired hundreds of thousands in donations from the crypto trade, whereas his family-backed enterprise, World Liberty Financial, has launched its personal stablecoin. The firm has additionally reportedly been concerned in a crypto-related deal with the UAE that coincided with the nation receiving extra favorable US AI chip know-how entry.
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