Rep. Ro Khanna (D-Calif.) announced Saturday he will introduce a resolution prohibiting President Donald Trump and his family from engaging in cryptocurrency business and accepting foreign funds.
Trump Enriching Himself In An ‘Obscene’ Wealth, Says Khanna
Speaking to MSNBC, Khanna accused Trump of using his office to amass cryptocurrency wealth.
“Look, we have a president who is enriching himself and his family in an obscene wealth that is unprecedented in American history,” the lawmaker said. “We cannot turn a blind eye to this corruption.”
New Resolution To Limit Crypto For President, Family
He highlighted the case of Changpeng “CZ” Zhao, a foreign billionaire previously convicted of violating anti-money laundering laws, who invested in the Trump family-backed stablecoin, World Liberty Financial USD (USD1), and was subsequently pardoned. The president’s family, Khanna alleged, is making millions from this arrangement.
“On Monday, I will be introducing a resolution to stop the president, his family, and members of Congress from trading in crypto and accepting money from foreign entities,” Khanna announced.
The White House didn’t immediately return Benzinga’s request for comment.
See Also: Bitcoin, Ethereum, Dogecoin, XRP Rally Amid US-China Trade Breakthrough: ETH On Track To Hit $5,000? Here Is What This Analyst Says
CZ’s Pardon Under Scrutiny
CZ’s presidential pardon has ignited a political flashpoint, with several Democratic lawmakers, including Sen. Elizabeth Warren (D-Mass.), calling it an act of “corruption.”
Trump said that he doesn’t personally know Zhao, but was informed by “a lot of people” that Zhao was unjustly “persecuted” by the Biden administration.
Notably, USD1 was chosen to close Abu Dhabi investment firm MGX’s $2 billion deal with Binance earlier this year.
Khanna has been actively involved in cryptocurrency discussions, having previously organized a Bitcoin (CRYPTO: BTC) and blockchain roundtable in Washington, D.C., and discussed the potential of Bitcoin as a U.S. strategic reserve asset.
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Photo Courtesy: Phil Pasquini on Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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