Sen. Bob Menendez (D-N.J.), who once denounced Bitcoin BTC/USD as an "ideal choice for criminals," was found guilty of accepting bribes in gold and fiat currency during his corruption trial.
What Happened: In a press release shared by the Department of Justice Tuesday, Attorney Damian Williams remarked, "This case has always been about shocking levels of corruption. Hundreds of thousands of dollars of bribes, including gold, cash, and a Mercedes-Benz. This wasn't politics as usual; this was politics for profit.”
A Reuters report revealed that Menendez has pleaded not guilty to the charges and would appeal in a higher court.
The case pertains to allegations of Menendez and his wife, Nadine Menendez, accepting hundreds of dollars from wealthy businessmen in exchange for favors ranging from diluting criminal investigations to protecting their commercial monopoly.
See Also: Peter Schiff Downplays Bitcoin, Hypes Gold’s Rise: ‘Wake Up And Smell The Bear Market’
Why It Matters: Interestingly, the influential Senator, who chaired the United States Senate Committee on Foreign Relations, had voiced concerns over Bitcoin and cryptocurrencies' role in aiding ransomware and other cyberattacks in 2017.
"Because of the anonymous nature of Bitcoin transactions, the digital currency is an ideal choice for criminals," wrote the senator in a letter to the Financial Crimes Enforcement Network
Menendez had also co-sponsored legislation to mitigate the risks of El Salvador’s adoption of Bitcoin. He infamously said, "Bitcoin can open the doors of corruption in El Salvador."
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,693.11, up 3.41% in the last 24 hours, according to data from Benzinga Pro.
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