US President Donald Trump’s support and affinity for cryptocurrencies attracted attention during the election campaign. Following his victory last November, Trump took his crypto interest a step further and launched his own memecoin.
Trump’s crypto moves have become a subject of debate, as he launched his memecoin called TRUMP a few days before officially taking office as president.
While Trump and his family’s cryptocurrency projects continue to attract criticism, the Democratic side in the US is preparing to make a significant move against Trump and his family’s cryptocurrency projects.
Speaking on MSNBC, US Democratic congressman Ro Khanna first expressed concerns about Trump and his family’s apparent conflict of interest in cryptocurrencies through their crypto project, World Liberty Financial (WLFI).
At this point, US lawmaker Khanna stated that he has prepared a bill banning cryptocurrency trading for the president and politicians.
Ro Khanna plans to introduce a bill that would ban President Trump, his family, and members of Congress from trading cryptocurrencies. His bill would reportedly prevent elected politicians from owning, trading, or issuing cryptocurrency tokens.
Khanna explained the rationale behind the proposed bill, alluding to Trump, by stating that a sitting president has enriched himself and his family with an unprecedented wealth accumulation in US history.
Pardon of Binance Founder CZ is Complete Corruption!
Khanna also alleged that the recent pardon of Binance co-founder Changpeng Zhao (CZ) was “blatant corruption.” He also argued that CZ was spared thanks to Binance’s financial support for WLFI.
“There’s a foreign billionaire who was basically involved in money laundering. He later sought pardon from Donald Trump after funneling money to terrorists,” Khanna said about CZ.
While Khanna did not disclose the details of the proposed law, he concluded by calling for “any elected official to be banned from owning cryptocurrency and accepting foreign currency.”
*This is not investment advice.