US President Donald Trump has issued a pardon to billionaire cryptocurrency mogul Changpeng Zhao, the founder of Binance, sparking outrage among critics who claim that it's a blatant quid pro quo move. According to experts, the pardon is part of a broader attempt by Trump to rewrite history and justify his administration's actions on cryptocurrency.
The pardon comes just days after Trump signed an executive order aimed at loosening regulations on the crypto industry, which has been criticized for its ties to terrorism and money laundering. However, observers point out that this move was largely symbolic, as it didn't address the underlying issues or lead to any meaningful reforms.
Instead, critics argue that the pardon is a clear example of Trump's "war on cryptocurrency," which he claims is being waged by the Biden administration. However, former Attorney General Merrick Garland's Justice Department had already negotiated a deal with Zhao, which allowed him to plead guilty and avoid jail time in exchange for paying a hefty fine.
The fine was seen as a victory for Binance and Zhao, who was able to maintain control of his company while also avoiding serious consequences. This has sparked outrage among progressive critics who claim that the pardon is an attempt by Trump to whitewash his administration's actions on cryptocurrency.
Dennis Kelleher, CEO of Better Markets, described the deal as a "sweetheart deal" that allowed Zhao to keep all his money and maintain control of Binance. Even a cursory review of the charging documents reveals that the company received an overly lenient sentence compared to other corporate offenders.
Critics also point out that this move is part of a broader pattern of regulatory capture, where companies like Binance are able to shape policy to their advantage. Trump's administration has been accused of having close ties with the crypto industry, and his pardon of Zhao has been seen as an example of this.
The pardon has sparked widespread criticism from experts, who argue that it's an attempt by Trump to rewrite history and justify his administration's actions on cryptocurrency. The move is also seen as part of a broader pattern of authoritarianism, where Trump has used executive power to undermine institutions and challenge democratic norms.
As Frank Bowman, a law professor at the University of Missouri, put it, "The pardon is perhaps the most overtly corrupt in American history. Zhao helps the Trumps make billions and gets a pardon."
The pardon comes just days after Trump signed an executive order aimed at loosening regulations on the crypto industry, which has been criticized for its ties to terrorism and money laundering. However, observers point out that this move was largely symbolic, as it didn't address the underlying issues or lead to any meaningful reforms.
Instead, critics argue that the pardon is a clear example of Trump's "war on cryptocurrency," which he claims is being waged by the Biden administration. However, former Attorney General Merrick Garland's Justice Department had already negotiated a deal with Zhao, which allowed him to plead guilty and avoid jail time in exchange for paying a hefty fine.
The fine was seen as a victory for Binance and Zhao, who was able to maintain control of his company while also avoiding serious consequences. This has sparked outrage among progressive critics who claim that the pardon is an attempt by Trump to whitewash his administration's actions on cryptocurrency.
Dennis Kelleher, CEO of Better Markets, described the deal as a "sweetheart deal" that allowed Zhao to keep all his money and maintain control of Binance. Even a cursory review of the charging documents reveals that the company received an overly lenient sentence compared to other corporate offenders.
Critics also point out that this move is part of a broader pattern of regulatory capture, where companies like Binance are able to shape policy to their advantage. Trump's administration has been accused of having close ties with the crypto industry, and his pardon of Zhao has been seen as an example of this.
The pardon has sparked widespread criticism from experts, who argue that it's an attempt by Trump to rewrite history and justify his administration's actions on cryptocurrency. The move is also seen as part of a broader pattern of authoritarianism, where Trump has used executive power to undermine institutions and challenge democratic norms.
As Frank Bowman, a law professor at the University of Missouri, put it, "The pardon is perhaps the most overtly corrupt in American history. Zhao helps the Trumps make billions and gets a pardon."
... like trump's trying to do whatever he wants & no one can touch him. I mean, the guy's already got 2 years suspended (aka a sweetheart deal) for money laundering & now he just gets a full pardon? Give me a break 
. And it's not like he even had to plead guilty in the first place - that was already done before trump even came on scene. It's just so frustrating that we're still dealing with all this corruption & cronyism under his admin 
.
The whole thing just seems so fishy to me... Like, what's really going on here? Trump gives this guy a free pass, and suddenly it's all about the "war on cryptocurrency"? Come on! You don't get a pardon for doing something wrong, let alone when you've already negotiated a deal with the Justice Department. It just smells like a way to cover your own backside after getting roasted by Biden. 
. I mean, if Changpeng Zhao was already negotiating with the Justice Department to plead guilty, why did Trump have to step in and give him a pardon? It just seems like a weird move to me... 
I mean, what's next? A full-on pardon for Jeffrey Epstein too? 
. Can someone please explain to me why this pardon is a big deal again? 
. It's like he's trying to prove that his administration was totally spotless when it comes to crypto regulations 
. He's basically saying that this pardon is the most corrupt thing in American history, and I couldn't agree more 
. We need some real accountability here, not just more empty rhetoric from Trump's camp 
.
. This is exactly the kind of thing that can erode trust in our institutions and create a system that favors the wealthy over the people 
.
. Are they really working in the best interests of the American public, or are they just serving the interests of their big donors? 
.
. We need more transparency and accountability in our government, not less 
. This is exactly why we need stronger campaign finance laws and greater oversight of our politicians' dealings 
.
