Key Takeaways:

Senator Bob Menendez found guilty of accepting bribes, including gold bars and a luxury car, marking him as the first sitting member of Congress convicted of acting as a foreign agent.
Menendez, a known critic of Bitcoin, co-sponsored the ACES Act to address risks from El Salvador’s Bitcoin adoption.
Despite calls for resignation, Menendez maintains his innocence and refuses to step down, with sentencing set for October 29.

Senator Bob Menendez (D-NJ) was found guilty on July 16 of accepting bribes, including gold bars and a luxury car, in exchange for political influence, making him the first sitting member of Congress convicted of acting as a foreign agent.

Menendez, a long-time crypto critic, had labeled Bitcoin as “an ideal choice for criminals.”

NEW: 🇺🇸 Senator Menendez convicted for taking bribes in gold and cash.

Earlier, he claimed that #Bitcoin"is an ideal choice for criminals." 🤡 pic.twitter.com/EIEY8kb8H2
— Bitcoin Magazine (@BitcoinMagazine) July 17, 2024

The crypto community pointed out the irony of his conviction for corruption.

Menendez co-sponsored the “Accountability for Cryptocurrency in El Salvador (ACES) Act,” which aimed to address risks from El Salvador’s adoption of Bitcoin.

BREAKING: 🇺🇸 Senator Menendez who said “#Bitcoin is the ideal choice for criminals,” was just convicted for taking bribes in Gold and Cash!

🤣 pic.twitter.com/VTUEwkSbhd
— Bitcoin Archive (@BTC_Archive) July 16, 2024

Stacy Herbert, from El Salvador’s National Bitcoin Office, criticized Menendez, highlighting the transparency of El Salvador’s Bitcoin policy compared to Menendez’s corruption.

Despite calls for his resignation from senior colleagues, including Senate Majority Leader Chuck Schumer, Menendez has refused to step down.

He maintains his innocence, stating he has always been a patriot. His sentencing is scheduled for October 29, and he could face decades in prison.