Proposed legislation restricts Trump, family from crypto and stock transactions

U.S. Representative Ro Khanna has proposed a bill to ban all elected officials in the U.S., including President Donald Trump and his family members, from trading stocks and cryptocurrencies, citing conflicts of interest.

Khanna stated on MSNBC that the pardon of Binance co-founder Changpeng Zhao constitutes “blatant corruption,” highlighting financial ties between Zhao and the cryptocurrency project World Liberty Financial, owned by Trump’s son. Zhao pled guilty to violating the U.S. Bank Secrecy Act due to Binance’s inadequate Anti-Money Laundering program.

Khanna argued that Zhao’s pardon may be linked to financial support for WLFI, emphasizing the potential conflict of interest. Eric Trump denied any involvement of his father in WLFI. The proposed legislation aims to prevent situations where elected officials could personally benefit from financial transactions involving stocks or cryptocurrencies.