Power, pardon, and a new stablecoin: Binance.US launches USD1 just after CZ’s presidential pardon. Now Congress is calling foul. Crypto’s big-league moment arrives.
Context in a Nutshell
A presidential pardon. A stablecoin tied to Trump-linked interests. A major exchange under fire. When politics, crypto, and commerce collide, the echoes are louder than price tags. This time, the stakes are institutional.
What You Should Know
Chris Murphy, U.S. Senator from Connecticut, publicly accused Binance.US of “promoting Trump crypto” just after the U.S. President pardoned Changpeng Zhao.
The pardon of Zhao by Donald Trump on Oct 23 has triggered scrutiny from Congress, with multiple lawmakers warning it “signals that crypto executives and other white-collar criminals can commit crimes with impunity.”
The stablecoin USD1, tied to the Trump-family-connected firm World Liberty Financial, launched on Binance.US shortly after the pardon, raising questions of conflicts of interest and regulatory risk.
Despite separate legal entities, Binance and Binance.US, the shared branding and overlap have prompted regulators and legislators to ask tough questions about transparency, governance, and political influence.
Why Does This Matter?
For the crypto sector, CZ's pardon and all that has followed isn’t just another headline: it’s a potential inflection point for how political risk, enforcement, and ecosystem integrity interact. As stablecoins, exchanges, and protocols grow bigger and more entwined with politics, the oversight spotlight intensifies. Builders, investors, and users alike must now ask: Does this erode trust, or will transparency prevail?
When the corridors of power brush up against crypto’s playground, the question isn’t if the market will respond; rather, how?. Stay sharp: this one’s about more than tokens.