Senate Seeks Clarification Regarding Trump's Alleged 'Pardon for Payment' Cryptocurrency Scandal
- Senate Democrats demand transparency over Trump's pardon of Binance founder Zhao, calling it a corrupt favor to a "white-collar criminal" who funded Trump-linked ventures. - A Coinotag report reveals Binance spent $740,000 lobbying Trump associates before the pardon, including payments to firms tied to Trump Jr. and ex-SEC officials. - Critics argue the pardon risks enabling a "pay-for-pardon" system, with experts warning it sets dangerous precedents for crypto lobbying and regulatory capture. - Binance'
Senate Democrats are demanding transparency regarding President Donald Trump's decision to pardon Changpeng Zhao, the founder of Binance, arguing that the move amounts to a corrupt gesture toward a "white-collar criminal" who directed millions to Trump-related interests. In a
Zhao, also known as CZ, admitted guilt in 2024 to breaching U.S. anti-money laundering regulations and served four months in prison. His pardon, announced on October 22, followed renewed lobbying efforts by Binance during the Trump administration, with $860,000 spent in 2025 alone—adding to over $1 million spent in 2022, according to the report. The senators pointed to intertwined financial connections between Binance and Trump’s crypto initiative,
The political controversy has grown as Trump’s pro-crypto stance faces increased examination. Binance.US recently started offering WLFI tokens, a move Democrats cite as proof of regulatory capture in
Analysts caution that this situation highlights weaknesses in the U.S. pardon system and the sway of financial interests in politics. "This creates a troubling precedent," a federal lobbying expert commented, noting that crypto companies are expected to increase lobbying spending by 25% in 2025 due to ongoing regulatory ambiguity, as noted in the Coinotag report. The senators’ letter calls for clarity on whether Trump’s connections to Binance—including possible earnings from WLFI—played a role in his decision. As the crypto industry faces shifting regulations, the pardon has renewed discussions about oversight, with lawmakers advocating for changes to limit political influence over pardons; these concerns were initially outlined in the Cointelegraph letter.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
HBAR ETF Gets Green Light, But Convincing Altcoin Doubters Remains Challenging
- Hedera's HBAR token dropped 6% post-ETF approval, contrasting with Solana's $56M debut volume. - The $8M HBAR ETF launch highlights altcoin market skepticism despite regulatory progress and institutional backing. - Technical indicators like death cross and declining on-chain metrics signal bearish momentum for HBAR. - Analysts note ETFs provide regulated institutional access, though broader crypto volatility and SEC delays dampen immediate adoption. - Hedera's enterprise partnerships and USDC growth on i
Ethereum Updates Today: The Foundation of Blockchain Enters the Public Eye as Consensys Engages with Wall Street
- Consensys, MetaMask's developer, hires JPMorgan and Goldman Sachs for IPO advisory, joining crypto peers like Circle and Bullish in public market moves. - MetaMask expands beyond wallet functionality with MASK token launch and Polymarket integration, while Consensys operates key Ethereum infrastructure like Infura and Linea. - Favorable market conditions include Fed rate cuts, SPAC fundraising growth, and institutional crypto adoption, positioning Consensys for potential 2025 listing as Wall Street embra
The CEO's Independent Journey: Creating Innovation While Navigating Solitude and Market Pressures
- Apple, Airbnb, and PepsiCo CEOs highlight leadership isolation amid innovation pressures and market volatility. - Apple introduces vapor chamber cooling for M6 iPad Pro (2027) and local ads in Maps (2026) to boost revenue. - Airbnb faces insider stock sales and post-pandemic challenges as CEO Chesky navigates hybrid work-travel shifts. - Talkspace acquires Wisdo Health to address leader loneliness through AI-driven mental health solutions. - Tesla's Tavares warns of existential risks from Chinese EV comp
Regulations and Technological Advances Shape Corporate Approaches in 2026
- Simply Good Foods (SMPL) reported a 17.5% stock drop due to Q4 2025 losses and 2026 guidance, citing flat sales and margin declines, with plans for marketing and buybacks. - British American Tobacco delayed Vuse One vape launch amid FDA scrutiny, reflecting industry-wide regulatory challenges for nicotine products and market uncertainty. - Wix partnered with PayPal to integrate AI-driven commerce tools, enabling merchants to leverage AI for product discovery and payments via agentic commerce platforms. -
Trending news
MoreCrypto prices
More
