Senator Menendez, a vocal crypto critic, was found guilty of accepting bribes and acting as a foreign agent, sparking irony in the crypto community.
Senator Bob Menendez, a Democratic senator from New Jersey, was convicted on Tuesday of accepting bribes and operating as a foreign agent.
Menendez is notorious for his harsh criticisms of cryptocurrencies, particularly Bitcoin (BTC).
Menendez was found guilty by the jury of receiving various luxury gifts, such as gold bars and a luxury vehicle, in exchange for political influence.
This conviction has sparked a substantial uproar in the cryptocurrency community, emphasizing the irony of an individual who previously characterized Bitcoin as “an ideal choice for criminals” being convicted of criminal activities.
Menendez had previously sponsored the “Accountability for Cryptocurrency in El Salvador (ACES) Act,” which was designed to evaluate and disclose the risks to the U.S. financial system that were associated with El Salvador’s adoption of Bitcoin as legal tender.
Members of the cryptocurrency community and officials from El Salvador expressed their dissatisfaction with his conviction.
Senator Bob Menendez, a Democratic senator from New Jersey, was convicted on Tuesday of accepting bribes and operating as a foreign agent. Menendez is notorious for criticizing cryptocurrencies, particularly Bitcoin (BTC).
Menendez was found guilty by the jury of receiving a variety of luxury gifts, such as gold bars and a luxury vehicle, in exchange for political influence.
This conviction has sparked a substantial uproar in the cryptocurrency community, emphasizing the irony of an individual who previously characterized Bitcoin as “an ideal choice for criminals” being convicted of criminal activities.
The initial response to the conviction was from Bitcoin-friendly individuals. Historical Conviction for Acting as a Foreign Agent in El Salvador
The initial response to the conviction was from Bitcoin-friendly individuals.
El Salvador Menendez had previously sponsored the “Accountability for Cryptocurrency in El Salvador (ACES) Act,” which was designed to evaluate and disclose the dangers to the U.S. financial system that were associated with El Salvador’s adoption of Bitcoin as legal tender.
Members of the cryptocurrency community and officials from El Salvador expressed their dissatisfaction with his conviction.
Stacy Herbert, a prominent member of the National Bitcoin Office (ONBTC) under El Salvador President Nayib Bukele, emphasized the irony by drawing a comparison between Menendez’s actions and President Bukele’s efforts to promote transparency by publicly disclosing El Salvador’s Bitcoin address for global scrutiny.
Herbert also referred to Menendez as the genuine “bad actor” and extended an invitation to the Senate Foreign Relations Committee, which is chaired by Menendez, to extend an apology to President Bukele and El Salvador.
She underscored the stark contrast between Menendez’s malfeasance and Bukele’s transparency initiatives.
In the interim, Menendez maintained his innocence, asserting that he has consistently been a patriot and refuting the accusations that he acted as a foreign agent.
He stated in a statement distributed outside the courthouse, “I have never been and will never be a foreign agent.” Damian Williams, the United States Attorney, emphasized the gravity of Menendez’s actions, characterizing them as “politics for profit.” He also conveyed his satisfaction that his years of corruption had finally ended.
Menendez has been a prominent political figure since 1993 and was elected to the U.S. Senate in 2006.
Menendez has thus far declined to resign, despite the demands for his resignation from prominent Democratic colleagues, such as Senate Majority Leader Chuck Schumer.
On October 29, he is scheduled to be sentenced, and he is at risk of serving a decade in prison.
As a result of this conviction, Menendez became the first member of the U.S. Congress to be convicted of functioning as a foreign agent, which has had substantial repercussions in both the political and cryptocurrency sectors.
