US Representative Ro Khanna to Introduce Resolution Banning Crypto and Stock Trading by President, Congress, and Family Members
California Representative Ro Khanna is expected to unveil a Congressional resolution today aimed at preventing the President, members of Congress, and their families from trading cryptocurrencies and stocks, as well as accepting foreign funds. This move comes amid growing public outrage over President Donald Trump’s recent decision to pardon Binance founder Changpeng Zhao, and reflects a broader frustration with the potential conflicts of interest arising from politicians trading while in office.
### Khanna Targets Crypto Trading in Congress
Khanna first announced the initiative over the weekend and has since used social media platforms and televised interviews to explain the reasoning behind his proposal. In an appearance on MSNBC, he stated, “We have a president who is enriching himself and his family in an obscene wealth that is unprecedented in American history. People need to wake up to what’s going on—it’s corruption right before our very eyes.”
The California representative has long advocated for banning stock trading by politicians as well as prohibiting campaign contributions from PACs and lobbyists. This new resolution appears to be a direct response to Trump’s decision to grant clemency to a prominent figure in the crypto industry.
### Trump’s Binance Pardon Fuels Political Backlash
Last week, President Trump pardoned Changpeng Zhao (CZ), the founder of Binance, for violations of U.S. anti-money laundering laws. The pardon sparked mixed reactions: some viewed it as a corrective action against unfair treatment of the crypto industry, while others saw it as a political maneuver aimed at currying favor with a key crypto business leader.
Khanna aligns with the latter perspective. In another MSNBC interview, he remarked, “You’ve got a foreign billionaire who was basically engaged in money laundering, having money go to Hamas, Iran, [and] child abusers. He was convicted and served four months in prison. Then he petitions for a pardon. What he does is says, ‘I’m going to support World Liberty,’ which they’re making millions of dollars on while Donald Trump is President.”
Despite these public statements, Khanna’s office has yet to release the detailed text of the proposed legislation.
### Supportive Yet Cautious: Khanna’s Stance on Crypto
What distinguishes Khanna from other critical Democrats is his generally positive outlook on cryptocurrencies. According to Stand With Crypto, a crypto advocacy group closely affiliated with Coinbase, Khanna is rated as a politician who is “strongly supportive” of cryptocurrency, carrying an A-grade rating. This sharply contrasts with some of his Democratic colleagues, including Senator Elizabeth Warren and Representative Maxine Waters, who hold F-grades and have been outspoken critics of Trump’s connections to the crypto space.
Despite his favorable view of crypto and its underlying technology, Khanna advocates for a clear separation between the industry’s influence and political decision-making. This stance resonates with a growing public sentiment as Trump’s ties to the crypto industry have expanded dramatically.
### Expanding Crypto Ties Raise Concerns
President Trump’s campaign and affiliated PACs have received millions of dollars in donations from the crypto industry, while his family-backed venture, World Liberty Financial, has launched its own stablecoin. Additionally, World Liberty Financial reportedly engaged in a crypto-related deal with the United Arab Emirates that coincided with the UAE gaining more favorable access to U.S. AI chip technology—raising eyebrows among critics concerned about conflicts of interest.
As Khanna prepares to introduce his resolution, many eyes will be on Congress to see whether they move to curb financial dealings by those in the highest positions of power, particularly in the fast-evolving world of cryptocurrencies.
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