US Lawmaker Proposes Ban on Cryptocurrency Trading by Officials
US Representative Ro Khanna plans to introduce a resolution to ban the President, their family, and members of Congress from trading cryptocurrencies and stocks. The resolution aims to prevent conflicts of interest in government.
Background and Khanna’s Motivation
The resolution follows backlash over President Donald Trump’s pardon of Binance founder Changpeng Zhao (CZ). Critics say the pardon highlights corruption concerns in Washington.
Khanna, a Democrat from California, said the move intends to restore public trust. He told MSNBC, “We have a president who is enriching himself and his family in an obscene wealth that is unprecedented in American history. People need to wake up to what’s going on – it’s corruption right before our very eyes.”
Last week, Trump pardoned CZ, who had served four months in prison for violating US anti-money laundering laws. The pardon divided opinions, with some seeing it as support for crypto, while others viewed it as a political favor.
Khanna also criticized Trump for financially benefiting from ties to foreign billionaires. He raised concerns about World Liberty Financial, a family venture that launched a stablecoin and reportedly engaged in a crypto deal with the UAE.
Support for Crypto with Calls for Ethical Rules
Khanna is considered a pro-crypto Democrat, earning a “strongly supportive” rating from Stand With Crypto, a Coinbase-backed advocacy group. However, he has consistently pushed for clear ethical boundaries between crypto and politics.
As Trump’s crypto links grow, Khanna’s resolution could spark wider debate on whether digital assets increase corruption or reveal it.
