US Senator Convicted of Bribery After Criticizing Bitcoin as ‘Top Choice for Criminals’

U.S. Senator Bob Menendez, a Democratic representative from New Jersey known for his critical stance on cryptocurrencies, was recently convicted of accepting bribes, including gold bars and a luxury car, in exchange for political favors. This verdict came after Menendez was found guilty by a jury on Tuesday for his involvement in bribery as a foreign agent.

Interestingly, the cryptocurrency community highlighted the irony of Menendez’s conviction for corruption, especially considering his previous characterization of Bitcoin as “an ideal choice for criminals.” This juxtaposition of his anti-crypto stance and his own legal troubles has not gone unnoticed within the crypto sphere.

Menendez, who was also a co-sponsor of the “Accountability for Cryptocurrency in El Salvador (ACES) Act,” faced criticism from Stacy Herbert, a member of The National Bitcoin Office of El Salvador, for his alleged involvement in corrupt activities. Herbert contrasted Menendez’s actions with President Nayib Bukele’s efforts to promote transparency in governance, particularly through the public disclosure of El Salvador’s Bitcoin address for auditing purposes.

Following the verdict, Menendez asserted his innocence outside the courthouse, emphasizing his dedication to his country and denying any association with foreign entities. Despite calls for his resignation from senior colleagues, including Democratic Senate Majority Leader Chuck Schumer, Menendez has refused to step down. His sentencing is scheduled for October 29, with potential consequences of facing decades in prison.

In a statement, U.S. Attorney Damian Williams condemned Menendez’s actions, labeling them as “politics for profit” and emphasizing the end of Menendez’s tenure of abusing his office for personal gain. This conviction marks a significant development as Menendez becomes the first sitting member of Congress to be found guilty of acting as a foreign agent.

The case involving Menendez sheds light on the intersection of politics, corruption, and cryptocurrency, prompting discussions within the crypto community about the implications of such legal proceedings on public officials. As the crypto space continues to evolve, it remains crucial to scrutinize the actions of lawmakers and their impact on the regulatory landscape, particularly concerning digital assets like Bitcoin.