U.S. Senator Bob Menendez (D-NJ), known for his vocal criticism of cryptocurrencies, has been convicted of accepting bribes in exchange for leveraging his political influence.
Details of the Conviction
On Tuesday, a jury found Menendez guilty of all charges, including 16 counts related to a scheme where he accepted bribes, such as gold bars and a Mercedes-Benz, in return for assisting foreign governments. Menendez, who formerly chaired the powerful Senate Foreign Relations Committee, now faces the possibility of decades in prison.
Reaction from the Crypto Community
The conviction has sparked reactions from the crypto community, highlighting the irony of Menendez's anti-crypto stance in light of his criminal activities. The Senator had previously labeled Bitcoin as an "ideal choice for criminals" and co-sponsored the “Accountability for Cryptocurrency in El Salvador (ACES) Act.” This bill sought to mandate the State Department to report on potential risks to the U.S. financial system from El Salvador’s adoption of Bitcoin as legal tender.
Stacy Herbert, a member of El Salvador's National Bitcoin Office (ONBTC), pointed out the contrast between Menendez’s actions and President Nayib Bukele’s administration. "While Senator Bob Menendez was hiding bars of ill-gotten gold he had received as bribes, President Bukele was establishing the most transparent government in the world by posting El Salvador’s public bitcoin address for all the world to audit," Herbert said.
Menendez's Response and Political Implications
Despite the conviction, Menendez maintained his innocence and asserted his patriotism outside the courthouse. "I have never been anything but a patriot of my country and for my country. I have never, ever been a foreign agent," he declared.
Menendez has become the first sitting member of Congress to be found guilty of acting as a foreign agent. Despite pressure from senior colleagues, including Democratic Senate Majority Leader Chuck Schumer, Menendez has refused to resign from his position. His sentencing is scheduled for October 29, and he could face decades in prison for his crimes.
U.S. Attorney Damian Williams commented on the conviction, stating, "This wasn’t politics as usual; this was politics for profit. Because Senator Menendez has now been found guilty, his years of selling his office to the highest bidder have finally come to an end."
Broader Context and Industry Reactions
Earlier this month, former United States Solicitor General Donald Verrilli accused federal regulators of targeting the cryptocurrency industry through a campaign of "debanking." Verrilli represented the Blockchain Association in support of Custodia Bank’s appeal to the U.S. Tenth Circuit Court of Appeals. Custodia Bank, which applied for a master account in October 2020, filed a lawsuit against the Federal Reserve in June 2022 for "unlawful delay" in processing its application. The Fed rejected Custodia’s request in 2023, citing the bank’s connections to the cryptocurrency space.
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