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
Dogecoin News Today: Dogecoin ETF Breakthrough: Transitioning from Internet Meme to a Mainstream Investment Option
- Bitwise's DOGE ETF (BWOW) launches Nov 26, 2025, offering regulated DOGE exposure with 0.34% fee. - Dogecoin ranks 9th at $22B market cap, with $1B+ daily volume, driven by institutional adoption and SEC approval shifts. - ETF structure holds actual DOGE, aligning with Bitwise CEO's vision to democratize crypto access through transparency. - Grayscale's Zcash ETF filing and Mutuum Finance's $19M presale highlight growing altcoin institutional interest. - DOGE trades at $0.1503, consolidating in $0.13–$0.
Regulation and Innovation: SEC Examines Nasdaq’s Proposal for Tokenized Stocks
- Nasdaq seeks SEC approval for tokenized stock trading framework, aiming to modernize settlement while aligning with existing regulations. - The proposal shares CUSIPs and rights between tokenized/traditional shares but faces criticism over potential market fragmentation and investor protection risks. - SEC's cautious approach and December 4 panel will determine if tokenized equities gain regulatory traction or remain niche experiments. - Industry divides persist: Nasdaq prioritizes incremental adoption w
XRP News Today: Investors Divided: XRP's $5 Buzz Compared to Ozak AI's 7,000% Growth Promise
- XRP gains traction as analysts predict $5 price targets via ETF-driven inflows, citing historical Bitcoin multipliers. - Ozak AI emerges as AI-focused crypto alternative, raising $4.54M in presale with 7,000% return potential via decentralized AI infrastructure. - Market splits between XRP's institutional appeal and Ozak AI's utility-driven innovation, highlighting crypto's shifting risk-reward dynamics. - Analysts note XRP's capped growth vs. Ozak AI's 50X-100X potential, emphasizing real-world AI appli
Between Breakthroughs and Turmoil: The Struggle for Safety and Longevity in Cryptocurrency
- Crypto sector faces structural challenges balancing innovation with security and sustainability amid rising threats and regulatory uncertainty. - Mutuum Finance advances dual-lending architecture and mtToken mechanics under Halborn audit to build defensible DeFi models. - Upbit's $36M hack and Tether's Uruguay exit highlight systemic vulnerabilities from cyberattacks and energy cost volatility. - Industry shifts toward sustainable yield models with automated collateral rules and revenue redistribution to
Trending news
MoreCrypto prices
More
