Michaela
Seven Democratic senators have formally requested U.S. Attorney General Pam Bondi and the U.S. Department of Justice (DOJ) for more details on President Donald Trump’s pardon of Binance founder Changpeng “CZ” Zhao, arguing that the move could signal tolerance for illegal activity.
Key points:
- Seven Democratic senators, including Elizabeth Warren and Bernie Sanders, requested the DOJ and AG Bondi clarify the impact of Trump’s pardon of Binance CEO CZ Zhao.
- Senators claim the pardon could signal to crypto executives and white-collar criminals that illegal activity may go unpunished, especially if it benefits Trump financially.
- Concerns center on alleged ties between Zhao, Binance, and the Trump family’s DeFi platform WLFI, along with lobbying payments preceding the pardon.
In an open letter, Senators including Elizabeth Warren, Bernie Sanders, Jeffrey Merkley, Chris Van Hollen, Mazie Hirono, Richard Blumenthal, and Jack Reed stated that “the pardon communicates to cryptocurrency executives and other white collar corporate criminals that the law doesn’t matter.” The senators are seeking clarification on how President Trump’s pardon of Zhao might affect Attorney General Bondi’s and the DOJ’s capacity to “hold criminals accountable.”
The senators argued that the pardon appears to signal to cryptocurrency executives and other white-collar criminals that they can evade consequences, provided their actions financially benefit President Trump.
The senators’ concerns stem from reports of alleged connections between Zhao, President Trump, and Binance. Last year, Trump’s family launched the decentralized finance (DeFi) platform World Liberty Financial (WLFI), which has reportedly been linked to Binance’s operations.
Some reports indicate that Binance contributed to developing the code behind WLFI’s stablecoin, USD1. The senators contend that Zhao received a presidential pardon after Binance allegedly provided the Trump family with a “revenue stream that could be worth tens of millions of dollars annually.”
Furthermore, reports also indicate that Zhao’s pardon came after a lobbying effort by Binance, which included $450,000 directed to Trump-associated lobbyists and $290,000 to Terese Goody Guillen, former SEC chair candidate and Zhao’s attorney.
The senators requested that the DOJ and Attorney General Bondi clarify how the pardon might affect individuals and companies engaged in criminal activity, particularly within the cryptocurrency sector. They also sought insight into whether Trump’s reported financial connections to Zhao played a role in the decision to grant the pardon.
Zhao was granted a presidential pardon last week. At a subsequent press conference, President Trump said the decision was guided by widespread public support, stating that “a lot of people recommended” Zhao and that “people say he wasn’t guilty of anything.”
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
