A US lawmaker is in search of to ban US President Donald Trump, his household, and members of Congress from buying and selling crypto or shares.
US Consultant Ro Khanna, a Democrat consultant from California’s seventeenth Congressional District and vice-chair of the Congressional Progressive Caucus, used an look on MSNBC to lift considerations round Trump’s obvious battle of curiosity with crypto through his son’s crypto project World Liberty Monetary (WLFI), alleging the latest pardoning of Binance co-founder Changpeng “CZ” Zhao was “blatant corruption.”
“You’ve acquired a overseas billionaire who was mainly engaged in money-laundering,” Khanna stated of CZ, including, “then he petitions for a pardon from Donald Trump after mainly funneling cash to terrorists.”
Nonetheless, CZ lately fired again at similar accusations from Senator Elizabeth Warren, claiming she “can’t get her information proper.”
CZ pled responsible a single felony rely of violating the US Financial institution Secrecy Act after failing to take care of an efficient Anti-Cash Laundering (AML) program at Binance.
Khanna alleged that the Binance co-founder was being let off the hook attributable to Binance’s monetary backing of WLFI — echoing latest sentiments from US Consultant Maxine Waters.
“And what he does is he says ‘I’m going to help World Liberty,’ which is the president’s son’s cryptocurrency agency, which they’re making hundreds of thousands of {dollars} on whereas Donald Trump is president. And Donald Trump provides him a pardon whereas he’s mainly financing Donald Trump’s cryptocurrency stablecoin.”
Trump has confronted criticism for his ties to WLFI on a number of events; nevertheless, his son Eric Trump has constantly denied that his father has any connection to the challenge. In an interview in September, Eric pressured that his father “is operating a nation. He’s not concerned in our companies in any manner, form or kind.”
Khanna didn’t go into particular particulars of his legislative proposal, however didn’t mince his phrases, concluding by calling for a ban on “any elected official from having cryptocurrency and accepting overseas cash.”
In line with authorities records, Khanna’s newest invoice has not but been formally launched.
Associated: How Changpeng Zhao regained power between prison and pardon
Banning authorities officers from buying and selling
The problem of whether or not authorities officers ought to be allowed to make investments in areas such because the inventory market has been extremely contested for a while.
The talk at present rages on within the US through the bipartisan congressional inventory buying and selling invoice, which is predicted to be voted on quickly.
To offer context on how muddied the waters are, whereas Khanna has referred to as out Trump’s ties to crypto, he additionally has some vested pursuits of his personal within the inventory market, highlighting some potential hypocrisy.
In line with information from Quiver Quant, Khanna himself has notched up $80.3 million value of inventory commerce quantity in 2025.
Since changing into a California consultant in 2017, Khanna has remodeled 35,000 trades that account for greater than $580 million in whole quantity, along with his prime three traded sectors being financials, data know-how and healthcare.
Journal: Quitting Trump’s top crypto job wasn’t easy: Bo Hines