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U.S. Senator Bob Menendez has informed allies of his intention to resign from Congress following his conviction on federal corruption charges, NBC News reported Wednesday.
Menendez, known for his staunch opposition to crypto and Bitcoin, had been an outspoken critic, often advocating for stringent regulatory oversight of the industry.
The conviction stems from allegations Menendez used his status to benefit three New Jersey businessmen and the Egyptian and Qatari governments in exchange for bribes, including cash, gold bars, and luxury items.
Prosecutors detailed these corrupt activities, which included influencing government actions and providing sensitive information to foreign entities, per the report.
As a senior member of the Senate Banking, Housing, and Urban Affairs Committee, Menendez called for increased transparency and investor protections in the wake of high-profile crypto industry collapses, such as FTX.
Menendez frequently emphasized the need for clarity and stability within the crypto market. His efforts included pressing for comprehensive audits of crypto firms and pushing legislation to mitigate associated risks.
The irony was not lost on observers in September of last year, who criticized the senator’s illicit payments despite previously calling Bitcoin an “ideal choice for criminals” due to its “anonymous nature.”
Menendez's political career began in the mid-1980s as the mayor of Union City, leading to 13 years in the House before his 2006 election to the Senate.
His tenure included chairing the Senate Foreign Relations Committee twice, a position he forfeited after his indictment. Despite the charges, he had continued with his legislative duties.
Senate Majority Leader Chuck Schumer and other prominent Democrats, including Cory Booker, urged Menendez to resign, emphasizing the need for ethical leadership in Congress, per the report.
New Jersey Governor Phil Murphy is expected to appoint a temporary replacement to serve in the senator’s stead until Menendez's term ends in January 2025.
Menendez's resignation marks a significant moment in U.S. political history, as he becomes the first sitting senator to be indicted on two separate corruption charges.
His legacy, however, will likely be remembered as much for his aggressive stance on crypto regulation as for his legislative achievements and legal troubles.
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