Summarize the content using AI
US Congressman Ro Khanna announced the preparation of a comprehensive bill to ban President Donald Trump, his family, and all members of Congress from trading, owning, and developing cryptocurrencies. This announcement comes in the wake of Trump granting a controversial pardon to Binance‘s founder and former CEO, Changpeng Zhao, sparking renewed political ethics debates.
Trump’s Pardon of Zhao Fuels Ethical Crisis
In an interview with MSNBC, Khanna revealed that existing securities trading restrictions would be expanded to include cryptocurrencies. The bill aims to prevent public officials and their immediate family members from engaging in activities that could lead to conflicts of interest related to cryptocurrency companies while they are in office. Khanna condemned the practices as blatant corruption, stating that a billionaire president’s son being involved in a crypto company and receiving a pardon was unacceptable.
Trump’s full pardon of Zhao on October 24 followed extensive political lobbying efforts. According to industry insiders, Binance provided technical support to Trump’s family-owned crypto venture, World Liberty Financial, and fostered close ties with the President’s advisory circle. One individual allegedly involved in these lobbying efforts is Washington’s prominent figure, Ches McDowell.
Cryptocurrency Influence on Politics
Following the pardon, Zhao expressed gratitude to Trump for his dedication to justice and innovation. On the same day, the price of Binance’s native token, BNB, surged by 8%. However, this development initiated a fresh inquiry into the Trump family’s close connections with the crypto industry.
World Liberty Financial, led by Trump’s sons Donald Jr. and Eric Trump, recently launched a stablecoin project. Former CFTC Chairman Timothy Massad warned in March that the President’s involvement in crypto projects created a conflict of interest while in public office and posed risks to investors.
Khanna contended that the Zhao pardon undermined public trust and compromised Washington’s impartial stance toward cryptocurrency. His proposed legislation seeks to completely ban public officials from financially benefiting from cryptocurrencies, aiming to reestablish ethical standards.
