Senate Democrats are moving to formally condemn President Trump’s pardon of Changpeng Zhao (CZ), the founder of cryptocurrency exchange Binance, setting the stage for a rare moment of bipartisan pushback against the White House.
Thank you for reading this post, don't forget to subscribe!The resolution, spearheaded by Senators Elizabeth Warren (D-Mass.) and Adam Schiff (D-Calif.), frames the pardon as blatant “corruption” tied to the Trump family’s financial dealings in the crypto space.
Why the Pardon is Under Fire
CZ recently pleaded guilty to a criminal money laundering charge and served four months in prison. The pardon is significant because it could clear the path for Binance to fully re-enter and operate in the U.S. market.
Critics from both parties are alarmed by the appearance of a quid pro quo, citing:
- The Trump Family Connection: The Trump family’s crypto venture, World Liberty Financial, announced in May that an Emirati state-backed fund would use the venture’s new stablecoin to complete a massive $2 billion investment in Binance.
- A “Bad Signal”: Senator Thom Tillis (R-N.C.) noted that the pardon “is a bad signal” that “opens up the aperture for future pardons.”
- Allegations of Corruption: Sen. Warren stated that CZ “pleaded guilty to a criminal money laundering charge and then he ‘boosted’ one of Trump’s crypto ventures and lobbied for a pardon. Today, Donald Trump did his part and pardoned him.”
Democrats are now pressing Congress to intervene in pending market structure legislation to prevent similar acts of corruption in the future, arguing that failure to act means Congress “owns this lawlessness.”
Binance’s Response: A Binance spokesperson thanked President Trump for his commitment to making the U.S. the “crypto capital of the world.”
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