US Congressman Ro Khannaannounced that it has prepared a comprehensive bill that would ban President Donald Trump, his family and all members of Congress from participating in the purchase, sale, ownership and development of cryptocurrency. The bill comes after Trump is the founder and former CEO of Binance. Changpeng ZhaoHe reignited the debate on political ethics after the controversial pardon he granted to .
Trump’s Pardon of Zhao Triggered Ethics Crisis
Khanna, MSNBCIn an interview with , he said that current securities trading restrictions cryptocurrencyannounced that it will be expanded to include . The law aims to prevent public officials and their close family members from taking initiatives that may lead to a conflict of interest in cryptocurrency companies while they are in office. Khanna said, “This is outright corruption. A billionaire who funneled money to terrorists and child molesters is pardoned after investing in the cryptocurrency company of the president’s son.”
Trump’s granting of a full pardon to Zhao on October 24 came after long-standing political lobbying. According to industry participants Binancecryptocurrency initiative owned by Trump’s family World Liberty FinancialHe provided technical support to and established close relationships with the President’s circle of advisors. One of the names allegedly carrying out the company’s lobbying activities is a well-known figure in Washington. Chess McDowell happened.
Politics Under the Influence of Cryptocurrency
Following the pardon, Zhao thanked Trump for his “commitment to justice and innovation.” On the same day, the price of BNB rose by 8 percent. However, this development Trump familystarted a new investigation into ‘s close relations with the cryptocurrency world.
Trump’s sons Donald Jr. and World Liberty Financial, run by Eric Trump, recently announced a stablecoin started the project. Former CFTC Chairman Timothy Massad, in his statement in March, stated that the President’s interest in cryptocurrency projects created a conflict of interest in his public office and warned that these initiatives could pose a risk for investors.
Khanna said Zhao’s pardon undermines public trust and Washington has lost its neutrality towards cryptocurrency. The proposed law aims to re-establish ethical standards by completely banning public officials from obtaining financial benefits through cryptocurrencies.
