US Lawmaker Seeks To Ban Trump, Family, And Politicians From Trading Crypto Or Stocks
A US lawmaker is trying to ban US President Donald Trump, his family, and politicians from trading crypto or stocks.
“We should ban any elected official from having cryptocurrency, and accepting foreign money,” said US Representative Ro Khanna during an appearance on MSNBC.
Khanna raised concerns around Trump’s apparent conflict of interest as his family continues its involvement in the digital asset space while the president influences crypto policy.
Khanna didn’t provide details of his legislative proposal and government records show that the lawmaker’s latest bill has not been officially introduced.
CZ Pardon Labelled “Blatant Corruption”
The US lawmaker also slammed Trump’s decision to pardon Binance co-founder Changpeng Zhao (CZ), labelling it as “blatant corruption.”
“You’ve got a foreign billionaire who was basically engaged in money-laundering,” Khanna said, alleging that the was “basically funneling money to terrorists.”
The lawmaker alleged that the main reason behind the pardon was because Binance backs the decentralized finance (DeFi) platform World Liberty Financial, which has ties to the Trump family.
“And what he does is he says ‘I’m going to support World Liberty,’ which is the president’s son’s cryptocurrency firm, which they’re making millions of dollars on while Donald Trump is president,” Khanna said.
Binance a top market for WLFI (Source: CoinMarketCap)
“And Donald Trump gives him a pardon while he is basically financing Donald Trump’s cryptocurrency stablecoin,” he said.
This is not the first time that Trump has faced criticism for his ties to World Liberty Financial and his family’s involvement in various crypto ventures ranging from a stablecoin and meme coins to prediction markets and crypto mining.
Trump’s son Eric has denied that his father has any connection to World Liberty Financial. In a September interview he said that his father “is running a nation” and is not involved in the family’s businesses “in any way, shape or form.”
Khanna Trades The Stock Market
While Khanna pushes to ban Trump, his family and members of Congress from trading crypto and the stock market, the US lawmaker himself has been a fairly active trader over the years.
Since becoming a California representative back in 2017, he has made over 35,000 trades, with the total volume for these trades amounting to more than $580 million. His top three traded sectors are financials, information technology, and healthcare, according to data from Quiver Quant.
The data shows that Khanna has made 3,708 trades for stocks relating to the financials sector. He has also executed 3,652 and 3,425 trades for the information technology and healthcare sectors, respectively. His biggest trade year was in 2023, when his volumes surpassed $90 million.
In this year alone, the US lawmaker has recorded $80.3 million in trading volumes.
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