Bitcoin
Bitcoin Critic Senator Menendez to Leave Congress After Corruption Conviction
U.S. Senator Bob Menendez has informed allies of his intention to resign from Congress following his conviction on federal corruption charges. NBC News reported Wednesday.
Menendez, known for his staunch opposition to encryption and Bitcoinhad been a frank criticaloften advocating strict regulatory oversight of the sector.
The conviction stems from allegations that Menendez used his status to benefit three New Jersey businessmen and the Egyptian and Qatari governments in exchange for bribes including cash, gold bars and luxury items.
Prosecutors detailed these corrupt activities, which included influencing government actions and providing confidential information to foreign entities, according to the report.
As a senior member of the Senate Banking, Housing and Urban Affairs Committee, Menendez called for greater transparency and investor protections following the collapse of major cryptocurrency companies like FTX.
Menendez has frequently emphasized the need for clarity and stability within the cryptocurrency market. His efforts have included pushing for comprehensive audits of cryptocurrency companies and promoting legislation to mitigate associated risks.
The irony did not go unnoticed. observers in September last year, which criticized the senator’s illicit payments, despite having previously called Bitcoin an “ideal choice for criminals” due to its “anonymous nature.”
Menendez’s political career began in the mid-1980s as mayor of Union City, which led to 13 years in the House before his election to the Senate in 2006.
His tenure included chairing the Senate Foreign Relations Committee twice, a position he lost after his indictment. Despite the chargeshe continued with his legislative functions.
Senate Majority Leader Chuck Schumer and other prominent Democrats, including Cory Booker, have called on Menendez to resign, emphasizing the need for ethical leadership in Congress, the report said.
New Jersey Gov. Phil Murphy is expected to appoint a temporary replacement to serve in the senator’s place until Menendez’s term ends in January 2025.
Menendez’s resignation marks a significant moment in U.S. political history, as he becomes the first sitting senator to be indicted on two separate corruption charges.
His legacy, however, will likely be remembered as much for his aggressive stance on cryptocurrency regulation as for his legislative achievements and legal troubles.