US Representative Ro Khanna announced plans to introduce legislation aimed at stopping elected officials — including US President Donald Trump, members of Congress and their families — from trading or creating cryptocurrencies and from taking certain foreign funds.
The move comes amid renewed scrutiny over political ties to the crypto industry and follows high-profile developments this year that have focused attention on possible conflicts of interest.
Khanna Announces New Measure Vs. Trump Crypto Trading
Khanna said the proposal would bar the president, his family, members of Congress and other elected officials from owning, issuing or trading crypto while in office.
He tied the push to what he called a troubling series of events involving crypto executives and presidential actions that, in his view, raise serious ethics questions.
Reports note Khanna previously backed efforts to curb stock trading by lawmakers through the 2023 Ban Congressional Stock Trading Act, and his latest move widens the scope to digital assets.
Lawmakers And Investigations Have Ramped Up
According to media coverage, other Democratic lawmakers have already sought records tied to the Trump family’s crypto venture, asking the Securities and Exchange Commission to preserve documents as part of probes into possible conflicts.
That request dates to April 2, 2025, and reflects a broader push to trace money and influence around political figures and crypto firms.
Links To Pardons And Funding
Khanna and others have pointed to Trump’s pardon of Binance founder Changpeng Zhao as a catalyst for action, saying the move highlighted how political decisions and crypto industry relationships can mix in ways that undermine public trust.
Some reporting has put large sums and potential deals in the spotlight: one report cited a possible Trump-linked stablecoin arrangement that could have been worth as much as $2 billion, a figure that has helped drive urgency among critics.
At the same time, fact checks show parts of the public discussion have been misstated; for instance, the particulars of Zhao’s legal outcome were clarified in follow-up coverage.
What The Law Would Do
Based on reports, the draft language would force covered officials to divest digital assets, refrain from creating tokens while they hold office, and avoid taking foreign funding tied to crypto ventures.
Some versions of related proposals in Congress also seek to extend trading bans to stocks and other securities for top officials.
Lawmakers have filed multiple bills this year that address similar aims, and Congress.gov records show measures on digital asset limits and on broader stock-trading bans circulating in the 119th Congress.
Featured image from Kevin Dietsch/Getty Images, chart from TradingView
