US Congressman Ro Khanna just proposed a bill that would ban President Trump, his family, and all members of Congress from trading, owning, or creating any cryptocurrencies while in office. The move comes after Trump pardoned Binance founder CZ, which raised serious ethical red flags.
Trump gave CZ a full pardon on October 24th after he served just four months in prison for violating anti-money laundering laws. The timing looks sketchy because Binance has been backing Trump’s family crypto project, World Liberty Financial. Khanna straight up called it “blatant corruption” during an MSNBC interview.
After the pardon announcement, BNB immediately jumped 8%, showing how political decisions directly impact crypto markets. But critics say this proves why officials shouldn’t be involved in crypto at all; their decisions can pump their own investments.
Khanna’s bill would extend the same restrictions Congress already has for stock trading to cover digital assets too. It includes immediate family members to close loopholes where relatives could trade on behalf of officials.
The Trump administration has been rolling back Biden-era crypto enforcement actions, dismantling the SEC’s initiatives and the Justice Department’s crypto unit. Khanna argues this permissive approach risks turning policy into something that can be bought, especially when foreign companies like Binance get involved.
Former CFTC Chair Timothy Massad warned that presidential involvement in crypto ventures creates unprecedented conflicts of interest that could mislead investors.
Conclusion
Congressman Ro Khanna proposed banning Trump, his family, and Congress from cryptocurrency activities following Trump’s pardon of Binance founder CZ amid ethical corruption concerns.
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