Rongchai Wang
Oct 28, 2025 11:47
Following Trump’s pardon of Binance’s CZ, Democrat Ro Khanna plans a bill to ban elected officials from crypto activities, aiming to prevent conflicts of interest.
In a significant political development, Democratic Congressman Ro Khanna has announced plans to introduce a bill aimed at prohibiting elected officials from owning or creating cryptocurrencies. This legislative initiative comes in the wake of former President Donald Trump’s controversial pardon of Binance founder Changpeng Zhao, commonly known as CZ, according to CoinMarketCap.
Details of the Proposed Legislation
The proposed bill by Representative Khanna seeks to address potential conflicts of interest that may arise from elected officials’ involvement in the cryptocurrency market. Additionally, it aims to shield U.S. politics from foreign financial influence, which could be exacerbated by the global nature of cryptocurrencies.
Khanna’s proposal has been fueled by what he describes as the “corrupt” and “illegal” nature of Trump’s pardon of Zhao. The pardon has stirred significant debate, with critics arguing that it undermines the integrity of the financial regulatory environment and highlights the need for stricter oversight of political figures’ financial dealings.
Reactions and Implications
The announcement has sparked a broader conversation about the intersection of politics and cryptocurrency. With digital assets becoming increasingly integrated into the global financial system, the potential for conflicts of interest is a growing concern. Khanna’s bill aims to preempt these issues by setting clear boundaries for political figures.
While the bill is still in the proposal stage, it could face significant hurdles in Congress, where opinions on cryptocurrency regulation vary widely. Nevertheless, the introduction of such legislation underscores the urgency felt by some lawmakers to address the evolving landscape of digital finance.
Related Developments
In recent months, there has been a flurry of activity around cryptocurrency regulation in the United States. Lawmakers have been grappling with issues ranging from consumer protection to the environmental impact of cryptocurrency mining. The Securities and Exchange Commission (SEC) has also been active in this space, with Chair Gary Gensler emphasizing the need for comprehensive regulatory frameworks.
As the debate continues, Khanna’s proposal adds another layer to the complex discussion on how best to integrate cryptocurrencies into the existing financial and political systems. The outcome of this legislative effort could set a precedent for how other nations approach the issue of political figures’ involvement in the crypto space.
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