US Representative Pushes Crypto Ban for Politicians After Trump Pardons Binance’s CZ

US Representative 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.

Speaking 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 youngster abusers.”

He additionally recommended Zhao financially backed World Liberty Finance, a cryptocurrency enterprise linked to Trump’s household.

Khanna Calls for Crypto Ban on Lawmakers

“It is so unlawful. It is true in our faces,” Khanna mentioned, 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 former Binance CEO pleaded responsible to money-laundering violations as a part of a $4.3 billion settlement with the US Department of Justice final 12 months however served solely 4 months in jail, not 4 years as Khanna claimed.

The congressman mentioned he intends to introduce the invoice this week, framing it as an extension of his 2023 Ban Congressional Stock Trading 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 mentioned his new proposal would mirror these rules, requiring lawmakers to divest from digital belongings or place them in blind trusts, to prevent conflicts of interest.

“This isn’t a tech subject,” he mentioned. “This is a corruption subject. It’s cash going into somebody on the White House, and the White House taking official actions like pardons in alternate.”

The push marks the most recent political fallout from Trump’s resolution to pardon Zhao, a transfer that has drawn sharp criticism from Democrats and ethics watchdogs.

If enacted, Khanna’s proposal would make cryptocurrency the most recent asset class off-limits to federal lawmakers, underscoring Washington’s rising unease with the intersection of politics, cash, and digital belongings.

Binance Eyes US Comeback After Trump Pardons Founder Changpeng Zhao

Binance is reportedly exploring ways to re-enter the US market following President Donald Trump’s pardon of founder Changpeng “CZ” Zhao, in accordance with Bloomberg.

The alternate is weighing choices equivalent to merging its US affiliate with its world platform or permitting its major alternate to serve American customers instantly.

Zhao’s pardon, granted after his 2023 responsible plea for anti–cash laundering violations, has reignited scrutiny amid Binance’s $2 billion cope with Trump’s family-backed crypto enterprise, World Liberty Financial.

The clemency removes prior authorized boundaries that had restricted his involvement in Binance operations.

Legal consultants say the transfer successfully reinstates Zhao’s skill to interact in enterprise selections, giving the corporate’s management a serious enhance because it eyes renewed US entry.

Zhao, whose internet price stands at $61.4 billion, stays one of the vital highly effective figures in crypto, overseeing an ecosystem with $8.7 billion in on-chain belongings.

The pardon comes as Trump continues to courtroom the digital asset business, together with his household reportedly earning over $1 billion from crypto ventures.

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