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U.S. Senator Bob Menendez from New Jersey, a prominent critic of cryptocurrency, has been found guilty of accepting bribes, including gold bars and a luxury vehicle, in exchange for his political influence. Menendez’s sentencing is set for October 29, where he could face several decades in prison.
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The verdict has sparked irony within the crypto community, as Menendez, who once deemed bitcoin (BTC) an “ideal choice for criminals,” has now been convicted of criminal activities himself. Menendez was also a co-sponsor of the “Accountability for Cryptocurrency in El Salvador (ACES) Act,” a bill aimed at requiring the State Department to assess the risks to the U.S. financial system posed by El Salvador’s adoption of bitcoin as legal tender.
Stacy Herbert, a member of El Salvador’s National Bitcoin Office (ONBTC) under President Nayib Bukele, highlighted the irony on social media, noting that while Menendez was “hiding bars of ill-gotten gold,” President Bukele was promoting transparency by publicizing El Salvador’s bitcoin address for global auditing. Herbert further stated that Menendez was the true “malign actor” and called for an apology from the Senate Foreign Relations Committee, which Menendez chaired, to President Bukele and El Salvador.
Related: El Salvador: Three Years After Bitcoin Legalization
After the verdict, Menendez maintained his innocence outside the courthouse, asserting, “I have never been anything but a patriot of my country and for my country. I have never, ever been a foreign agent.” This conviction makes Menendez the first sitting member of Congress to be convicted of acting as a foreign agent.
U.S. Attorney Damian Williams remarked, “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.” Menendez, who has served in Congress since 1993 and the Senate since 2006, has so far resisted calls from senior Democratic colleagues, including Senate Majority Leader Chuck Schumer, to resign.
Related: President of Digital Assets Commission Hints at El Salvador's Bitcoin Future
Menendez’s sentencing is scheduled for October 29, and he could potentially face decades behind bars.
Michael has been a vital voice in crypto security, focusing on blockchain vulnerabilities and emerging technologies. With a background in cybersecurity and fintech, he ensures our readers stay informed on safeguarding their assets while exploring new opportunities in the crypto space.
