US House Democrats are taking aim at President Trump and politicians by pushing a resolution that would, in part, signal support for legislation to forbid the president and other politicians from issuing, sponsoring or endorsing cryptocurrencies and other digital assets.
Fox Business reported that Rep. Ro Khanna, D-Calif, is pushing the resolution that would ban politicians from dealing in or associating with digital assets. According to Fox, the resolution is aimed at President Donald Trump and his family.
Representative Ro Khanna, D-Calif., is pushing forward a resolution that would indicate, in part, House support for legislation to prohibit the President and others, including the Vice President and Members of Congress, as well as their immediate families, from issuing, sponsoring, or endorsing crypto and other digital assets.
According to Fox Business, if passed, the resolution would declare the House’s support for legislation to bar:
“…the issuance, sponsoring, or endorsing of digital assets (including cryptocurrency, memecoins, stablecoins, tokens, nonfungible tokens (NFTs), digital trading cards, and decentralized finance platforms) by the President, Vice President, Members of Congress, candidates for public office, elected public officials, high-ranking executive branch employees and special government employees, and the immediate family members of each of these.”
In a recent call with Fox News Digital, Rep. Khanna said:
“No one should be in elective office to profit off their position.”
In addition to legislation barring politicians and their families from issuing, sponsoring and endorsing cryptocurrencies, the resolution also supports legislation requiring elected officials, candidates and their immediate families and relatives to transfer their digital assets to a blind trust, which will be “inaccessible” during the politician’s candidacy, their time in office, and a further two years thereafter.
The resolution would further support mandating the “full and timely disclosure of all cryptocurrency transactions” by said politicians, candidates and their families and would indicate House support for forbidding foreign investment in digital assets tied to any individuals put forth within the resolution.
The resolution is glaringly aimed at President Trump and his family over their vast digital dealings, citing the president and his family’s network of crypto enterprises, including memecoins, stablecoins, tokens, and DeFi platforms tied to their names. It further asserts that the president “used the powers of his office and access to him to promote and boost the value of crypto ventures,” while continuing to say that “substantial foreign investments has flowed into Trump-linked crypto projects from entities tied to foreign nationals.”
As it sets out what it seeks to prohibit, the resolution also raised the issue of President Trump’s recent consideration to pardon former Binance CEO and co-founder Changpeng “CZ” Zhao.
After being questioned about the resolution, the White House, in a statement to Fox News Digital, said:
“President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency. In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims.”
White House press secretary Karoline Levitt firmly said in the statement:
“The Biden Administration sought to imprison Mr. Zhao for three years, a sentence so outside Sentencing Guidelines that the even the Judge said he had never heard of this in his 30-year career.”
Adding;
“These actions by the Biden Administration severely damaged the United States’ reputation as a global leader in technology and innovation. The Biden Administration’s war on crypto is over.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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