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Tuesday, April 23, 2024

Despite Dealing with Corruption Allegations, Senator Advocates for Stricter Crypto and Bitcoin Oversight

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Source: Adobe / MP StudioU.S. Senator Robert Menendez (D-N.J.), a vocal critic of cryptocurrencies like Bitcoin, finds himself at the heart of a political corruption scandal.

Menendez has been charged with bribery, allegedly accepting a differ of illicit items, including gold, cash, and mortgage payments, in replace for abusing his energy and affect.

The costs strategy after years of Menendez’s condemnation of cryptocurrencies, which he has accused of facilitating felony actions and helping overseas entities in evading U.S. sanctions.

The indictment, filed closing week, outlines the alleged negative relationship between Menendez and three businessmen in his house narrate—Wael Hana, Jose Uribe, and Fred Daibes. It states that Menendez and his companion, Nadine Menendez, popular diverse thousands of bucks in bribes between 2018 and 2022.

Federal prosecutors extra allege that Menendez compromised sensitive U.S. authorities facts to serve the authorities of Egypt.

As an instance, Menendez allegedly ragged his affect to prevent a felony investigation in Fresh Jersey in opposition to Jose Uribe and safeguard an Egyptian enterprise monopoly held by Wael Hana. This monopoly performed a job in funding the alleged bribes bought by Menendez.

In response to the costs, Menendez firmly denied the allegations, pointing out, “I remain interesting about persevering with this predominant work and can unbiased easy now not be distracted by baseless allegations.”

He now faces three federal costs: conspiracy to commit bribery, conspiracy to commit kindly products and providers fraud, and conspiracy to commit extortion under coloration of kindly reliable, with a doable penal advanced sentence of up to 20 years if convicted.

Menendez’s Bitcoin StanceThe indictment published that Menendez ragged ragged arrangement to conceal his alleged ill-gotten gains, in stark distinction to his outdated stance on cryptocurrencies. He had as soon as expressed considerations about Bitcoin’s anonymity, suggesting it might perhaps well perhaps perhaps be exploited by criminals.

Menendez had made a status for himself within the crypto world by co-sponsoring the Accountability for Cryptocurrency in El Salvador (ACES) Act in 2022, which raised considerations about El Salvador adopting Bitcoin as reliable relaxed. 

Even handed one of the predominant bill’s varied co-sponsors, Jim Risch (R-Idaho), stated at the time that adopting Bitcoin as reliable relaxed would “empower malign actors,” within he position. The third, Bill Cassidy (R-La.), stated it might perhaps well perhaps perhaps “initiating the door for cash laundering cartels” while threatening the buck’s world reserve currency location.

He moreover criticized Facebook’s Libra project in 2019, fearing it might perhaps well perhaps perhaps critically change a haven for cash launderers and international locations looking out for to avoid U.S. sanctions.

 

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