US Representative Ro Khanna is set to introduce a resolution today aimed at banning the President, their family members, and members of Congress from trading cryptocurrencies or stocks.
The move comes amid growing public backlash over US President Donald Trump’s controversial pardon of Binance founder Changpeng Zhao (CZ). Critics say the pardon highlights deeper issues of corruption and conflicts of interest in Washington.
Khanna, a Democrat from California, said the resolution aims to restore public trust. “We have a president who is enriching himself and his family in an obscene wealth that is unprecedented in American history,” he told MSNBC. “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 U.S. anti-money laundering laws. The ruling split the population, with some considering it a just act towards the crypto industry, and others considering it as a political favor.
Khanna sided with the critics, accusing Trump of using his presidency to benefit financially through ties with foreign billionaires. He also questioned Trump’s family venture, World Liberty Financial, which launched a stablecoin and reportedly engaged in a crypto-related deal with the UAE.
Interestingly, Khanna is among the few Democrats rated “strongly supportive” of cryptocurrency by Stand With Crypto, a Coinbase-backed advocacy group. Yet he has consistently called for strict ethical boundaries between crypto money and U.S. politics.
As Trump’s crypto connections continue to expand, Khanna’s resolution may ignite a broader debate about whether digital assets are deepening corruption or exposing it.