U.S. Senator Bob Menendez (Dem) has been found guilty of accepting bribes in exchange for leveraging his political influence. Menendez is recognized for his vocal criticism of crypto.
The jury convicted Menendez of all charges, including 16 counts related to a conspiracy in which he accepted bribes, including gold bars and a Mercedes-Benz, in exchange for assisting foreign governments, on Tuesday.
Previously the chairman of the influential Senate Foreign Relations Committee, Menendez is now at risk of spending decades in prison.
The “Irony” is Emphasized by the Crypto Community
The irony of Menendez’s stance on crypto and his criminal activities was underscored by crypto veterans who took to X after his conviction.
Bitcoin was deemed an “ideal choice for criminals” in the Senator’s previous statements, which attracted attention to the case.
Menendez also co-sponsored the “Accountability for Cryptocurrency in El Salvador (ACES) Act,” a measure that sought to mandate the State Department to submit a report on the potential risks to the U.S. financial system that could result from El Salvador’s adoption of Bitcoin as legal tender.
Menendez’s conviction has underscored the stark contrast between his actions and President Nayib Bukele’s administration in El Salvador.
According to Stacy Herbert, a member of The National Bitcoin Office (ONBTC) of El Salvador, President Bukele was working to establish the most transparent government in the world by posting El Salvador’s public Bitcoin address for all to audit, while Senator Bob Menendez was concealing bars of ill-gotten gold that he had received as bribes.
After the verdict, Menendez maintained his innocence and asserted his patriotism outside the courthouse.
“I have always been a patriot of my country and for my country.” I have never been a foreign operative.
Menendez is the first sitting member of Congress to be convicted of functioning as a foreign agent, a particularly noteworthy fact.
Menendez Declined to Resign
Menendez has declined to resign from his position despite the increasing pressure from his senior colleagues, including Democratic Senate Majority Leader Chuck Schumer.
His sentencing is scheduled for October 29, and he may be sentenced to decades in prison for his offenses.
“This was politics for profit, not politics as usual.” According to U.S. Attorney Damian Williams, Sen. Menendez’s years of selling his office to the highest bidder have finally ended due to his conviction.
A former United States government official accused federal regulators of targeting the cryptocurrency industry through a campaign of “debanking” earlier this month.
In a recent amicus brief, Donald Verrilli, the United States solicitor general from 2011 to 2016, made these allegations on behalf of the Blockchain Association in support of Custodia Bank’s appeal to the U.S. Tenth Circuit Court of Appeals.
Custodia Bank submitted an application for a master account in October 2020 and subsequently filed a lawsuit against the Federal Reserve in June 2022, alleging an “unlawful delay” in the processing of its application.
Nevertheless, the Federal Reserve denied Custodia’s request in 2023, citing the bank’s involvement in the cryptocurrency sector.
