US Crypto News: Trump Reaffirms Ambition to Make America the World’s Crypto Capital

Trump's Crypto Capital Ambition and the Controversial CZ Pardon

Recent statements from former President Donald Trump have reaffirmed his goal of making the U.S. the global leader in cryptocurrency, a position now under intense scrutiny following his pardon of Binance founder Changpeng "CZ" Zhao.

• Trump's Crypto Goal: In a recent interview, Trump reiterated his ambition for America to become the world's crypto capital.
• Controversial Pardon: The reaffirmation follows his decision to pardon Binance founder CZ, who had pleaded guilty to money laundering charges and served a four-month prison sentence.
• Allegations of Corruption: The pardon has drawn criticism from figures like Senator Elizabeth Warren, who called it a clear example of corruption and a "shameful abuse of power."

The Pardon Under Fire

During the interview, CBS reporter Norah O'Donnell challenged Trump on the pardon, citing allegations that CZ's actions were connected to terrorist groups transferring money. Trump defended his decision, stating he did not know CZ and calling the case a "Biden witch hunt." When pressed on the optics, the President confirmed he was "not concerned" about corruption allegations.

Financial Ties and Denials

The pardon has also spotlighted a potential financial link. The Trump family holds a majority stake in World Liberty Financial, whose stablecoin, USD1, saw its value skyrocket from $127 million to over $2.1 billion following market intervention by Binance. Binance built the underlying technology for USD1, and an Emirati fund, MGX, subsequently invested $2 billion into CZ's company using the stablecoin.

Both World Liberty and Binance have denied any involvement in the deal or that the pardon was ever discussed, maintaining there was no conflict of interest.

Political and Industry Reaction

The decision has faced bipartisan criticism. Beyond Senator Warren's comments, Democratic Representative Jerry Nadler called the pardon a "mockery of justice." Even some supporters, like Palantir co-founder Joe Lonsdale, expressed opposition, suggesting Trump was "terribly advised."

Despite the controversy, Trump expressed enthusiasm for the crypto industry, calling it "great." CZ thanked the President for the pardon on social media, pledging to help make America the crypto capital of the world.