US Representative Khanna Aims to Prohibit Trump and Family from Engaging in Crypto Trading.

A US legislator is proposing a ban on US President Donald Trump, his family, and members of Congress from trading stocks or cryptocurrencies.

US Representative Ro Khanna, a Democrat from California’s 17th Congressional District and vice-chair of the Congressional Progressive Caucus, expressed concerns on MSNBC regarding Trump’s perceived conflict of interest related to crypto, citing his son’s project, World Liberty Financial (WLFI). He described the recent pardoning of Binance co-founder Changpeng “CZ” Zhao as “blatant corruption.”

“We have a foreign billionaire who was essentially involved in money laundering,” Khanna stated, adding, “Then he seeks a pardon from Donald Trump after effectively channeling money to terrorists.”

However, CZ responded to similar allegations made by Senator Elizabeth Warren, claiming she “can’t get her facts straight.”

CZ pleaded guilty to a single felony count of breaching the US Bank Secrecy Act due to failing to implement an effective Anti-Money Laundering (AML) program at Binance.

Khanna suggested that the Binance co-founder was receiving leniency because of Binance’s financial support for WLFI, a view echoed by US Representative Maxine Waters.

“He claims, ‘I’m going to support World Liberty,’ which is the president’s son’s cryptocurrency firm, that is profiting while Donald Trump is president. And Donald Trump pardons him while he’s effectively financing Donald Trump’s cryptocurrency stablecoin.”

Trump has been criticized multiple times for his connections to WLFI, yet his son Eric Trump has repeatedly stated that his father has no association with the project. In a September interview, Eric emphasized that his father “is leading a nation. He’s not engaged in our businesses in any form or fashion.”

Khanna did not provide specific details regarding his legislative proposal but was clear in his stance, calling for a prohibition on “any elected official from owning cryptocurrency and accepting foreign money.”

According to government records, Khanna’s latest bill has yet to be officially submitted.

Related: How Changpeng Zhao regained power between prison and pardon

Banning government officials from trading

Whether government officials should be allowed to invest in sectors like the stock market has been a highly debated issue.

There is ongoing discussion in the US regarding a bipartisan congressional bill on stock trading, which is anticipated to be voted on soon.