U.S. Senator Bob Menendez (Dem), known for his vocal criticism of crypto, has been found guilty of accepting bribes in exchange for leveraging his political influence.
On Tuesday, a jury convicted Menendez of all charges including 16 counts tied to a scheme where he accepted bribes, including gold bars and a Mercedes-Benz, in exchange for helping foreign governments.
Menendez, formerly the head of the powerful Senate Foreign Relations Committee, now faces the prospect of decades in prison.
Crypto Community Highlights the “Irony”
Following the conviction, crypto veterans took to X to mention the irony, highlighting the contrast between Menendez’s stance on crypto and his own criminal activities.
The case drew attention due to the Senator’s previous statements labeling Bitcoin as an “ideal choice for criminals.”
Senator Menendez said Bitcoin is ideal for criminals.
He was just convicted for taking bribes in gold and cash.
Can anyone spell ‘irony’?
— Coach K Crypto (@Coachkcrypto) July 17, 2024
Menendez also co-sponsored a bill called the “Accountability for Cryptocurrency in El Salvador (ACES) Act,” which aimed to require the State Department to report on potential risks to the U.S. financial system stemming from El Salvador’s adoption of Bitcoin as legal tender.
The conviction of the Senator has brought attention to the contrasting actions of Menendez and President Nayib Bukele’s administration in El Salvador.
“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,” Stacy Herbert, a member of The National Bitcoin Office (ONBTC) of El Salvador, said.
Following the verdict, 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.”
Notably, the conviction makes Menendez the first sitting member of Congress to be found guilty of acting as a foreign agent.
Menendez Refused to Resign
Despite mounting 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 potentially face decades in prison for his crimes.
“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,” U.S. Attorney Damian Williams said.
Earlier this month, a former United States government official accused federal regulators of targeting the cryptocurrency industry through a campaign of “debanking.”
Donald Verrilli, who served as the solicitor general of the United States from 2011 to 2016, raised these claims in a recent amicus brief, where he represented the Blockchain Association in support of Custodia Bank’s appeal to the U.S. Tenth Circuit Court of Appeals.
Custodia Bank had applied for a master account in October 2020 and subsequently filed a lawsuit against the Federal Reserve in June 2022, alleging an “unlawful delay” in processing its application.
However, the Fed rejected Custodia’s request in 2023, citing the bank’s connections to the cryptocurrency space.
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