Trump's Crypto Pardon Discussions Are Growing

Congresswoman Maxine Waters sharply criticized President Donald Trump for granting a pardon to Changpeng "CZ" Zhao, the founder of Binance (CRYPTO: BNB). Waters stated that the pardon is a demonstration of "open bribery" linked to Trump's personal financial interests in the digital asset sector. The Congresswoman described this situation as a "presidency built on corruption."

Waters emphasized that Trump's decision "favored criminals over working families." This statement was made by the House Financial Services Committee. Additionally, these criticisms arose following reports that CZ had confessed to charges of money laundering and facilitating illegal transactions.

Waters indicated that Trump's approach to the issue had shown changes during the government shutdown process. "Trump is doing great favors for crypto criminals who assist his ambitions," she added. The Congresswoman claimed that following the pardon, Zhao had been pressuring Trump and his family for months and alleged that the Binance founder had financial connections to Trump’s digital asset venture World Liberty Financial.

Waters said, "CZ sent so much money that this pardon was expected, and this is a clear example of 'pay to play' corruption." She also pointed out that the administration is "legitimizing crypto crime," sending the message that high-profile criminals might evade accountability when their actions align with Trump’s political and financial interests.

The pardon has received widespread backlash among regulators and financial observers. Critics argued that it undermines the progress on crypto compliance standards. Previously, Binance and Changpeng Zhao had faced various sanctions directed by the Securities and Exchange Commission.

Waters' statements reflect an increasing divide in Washington regarding the regulation of cryptocurrencies. Democrats, led by Waters and Senator Elizabeth Warren, warned that Trump's pro-crypto stance could open the door to further financial misconduct.

"The actions of the administration effectively legitimize the crypto crimes to which CZ has been convicted," said Waters, "These actions demonstrate that Trump is willing to allow the spread of crypto crimes to increase his personal wealth." It was noted that the White House has not yet officially responded to this situation.