Known for his harsh criticisms of cryptocurrencies, especially Bitcoin (BTC), New Jersey’s Democratic Senator Bob Menendez was found guilty on Tuesday of accepting bribes and acting as a foreign agent. The jury convicted Menendez for receiving various luxury gifts, including gold bars and a luxury car, in exchange for political influence. This conviction has caused a significant stir in the cryptocurrency world, highlighting the irony of someone who once labeled Bitcoin as “an ideal choice for criminals” being convicted of criminal activities themselves.
First Reaction to Conviction Came from Bitcoin-Friendly El Salvador
Menendez had previously sponsored the “Accountability for Cryptocurrency in El Salvador (ACES) Act,” which aimed to assess and report the risks posed to the U.S. financial system by El Salvador’s acceptance of Bitcoin as legal tender. His conviction prompted members of the cryptocurrency community and officials from El Salvador to voice their criticisms.
Stacy Herbert, a prominent member of the National Bitcoin Office (ONBTC) under El Salvador President Nayib Bukele, highlighted the irony by comparing Menendez’s actions to President Bukele’s efforts to promote transparency through the public disclosure of El Salvador’s Bitcoin address for global scrutiny.
Herbert also called Menendez the real “bad actor” and invited the Senate Foreign Relations Committee, chaired by Menendez, to apologize to President Bukele and El Salvador. She emphasized the stark contrast between Menendez’s corruption and Bukele’s transparency initiatives.
Meanwhile, Menendez defended his innocence, claiming he has always been a patriot and denying the allegations of acting as a foreign agent. In a statement outside the courthouse, he said, “I have never and will never be a foreign agent.” U.S. Attorney Damian Williams highlighted the seriousness of Menendez’s actions, describing them as “politics for profit” and expressed relief that his years of corruption had finally come to an end.
Historic Conviction for Acting as a Foreign Agent
Menendez has been a significant political figure since 1993 and entered the U.S. Senate in 2006. Despite calls for his resignation from top Democratic colleagues, including Senate Majority Leader Chuck Schumer, Menendez has so far refused to step down. His sentencing is scheduled for October 29, and he faces the possibility of decades in prison. This conviction marks Menendez as the first member of the U.S. Congress to be found guilty of acting as a foreign agent, causing significant repercussions in both the political and cryptocurrency worlds.
