President Trump’s pardon of Binance founder Changpeng Zhao has spurred new calls to ban elected officials from owning or creating cryptocurrencies.
Summary
- US Representative Ro Khanna announced plans to introduce a bill banning elected officials from owning or creating cryptocurrencies.
- The proposed legislation aims to prevent conflicts of interest and restrict foreign financial influence in US politics.
- The move follows President Trump’s pardon of Binance founder Changpeng Zhao, which Khanna described as “corrupt” and “illegal.”
During a recent interview, Democratic congressman Ro Khanna revealed that he is set to introduce legislation to ban elected officials from owning or creating cryptocurrencies. The move comes on the heels of President Trump’s pardon of Binance founder Changpeng Zhao, which Khanna described as “illegal.”
“This is blatant corruption,” remarked Khanna when questioned by the interviewer, saying the pardon appeared linked to Zhao’s support of crypto ventures associated with the president.
“You don’t need to know a lot about cryptocurrency to understand what went on here,” the congressman said. “You’ve got a foreign billionaire who was basically engaged in money laundering, having money go to Hamas, having money go to Iran, having money go to child abusers. He was convicted, he served four years in prison, and then he petitions for a pardon from Donald Trump after funneling money to terrorists.”
While some of Khanna’s statements were inaccurate, including claims that Zhao was “convicted” and served “four years” in prison, he went on to allege that the former Binance CEO earned clemency by agreeing to “back World Liberty” and “financing Donald Trump’s cryptocurrency stablecoin.”
The Democrat stressed that legislation must be put in place to restrict elected officials from “having cryptocurrency and accepting foreign money.”
Trump’s crypto ties, CZ pardon under scrutiny
Khanna’s comments add to growing criticism from lawmakers over Trump’s connections to the crypto industry. Throughout the year, figures such as Senator Elizabeth Warren have increased pressure over what they see as conflicts of interest tied to Trump’s crypto dealings, a call that has only intensified following Zhao’s pardon.
However, the White House has consistently refuted claims of any conflict of interest. The president has also defended the pardon as an effort to reverse what he called the Biden administration’s persecution of crypto, adding that he has no relationship with the Binance founder.
Meanwhile, the Trump family’s crypto ventures are reported to have generated more than $1 billion this year, spanning digital trading cards, meme coins, stablecoins, and World Liberty Financial’s WLFI token.
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