Senator Bob Menendez, a long-time foe of Bitcoin and other cryptocurrencies, has been accused of bribery and corruption.
The senator and his wife, Nadine Menendez, are accused of accepting “hundreds of thousands of dollars” in bribes in exchange for using the senator's influence to enrich three New Jersey businessmen and benefit the Egyptian government.
The indictment, filed in Manhattan federal court and made public on Friday, alleges that the couple accepted bribes from at least 2018 to 2022. If convicted, Menendez faces up to 20 years in prison.
Menendez is well known in crypto circles for co-sponsoring the Cryptocurrency Accountability (ACES) Act in El Salvador. This law aimed to investigate how El Salvador's adoption of Bitcoin as its official currency could pose “risks to cybersecurity, economic stability, and democratic governance in El Salvador.”
Interestingly, Menendez's claim that he used more traditional means to hide his ill-gotten gains contradicts his historical perspective on Bitcoin. The controversial senator wrote a letter to FinCEN in 2017, arguing that the “anonymous nature of Bitcoin transactions” made the asset “an ideal choice for criminals.”
*This is not investment advice.