Key Notes
- President Trump admitted that he had learned that Changpeng Zhao was the victim of a โwitch huntโ under the previous administration.
- Seven Democratic senators, led by Elizabeth Warren, sent a letter to the DOJ and Treasury questioning the pardon.
- The US President emphasized that his sonsโ business ventures are separate from government affairs.
In a major revelation, US President Donald Trump has distanced himself from knowing Binance founder Changpeng Zhao (CZ). His comments come within a week of the Trump administration granting CZ a pardon in the Binance lawsuit case.
Donald Trump Says He Doesnโt Know Changpeng Zhao
During an interview on CBS Newsโ 60 Minutes aired on Nov. 2, US President Donald Trump was questioned about his decision to pardon Binance co-founder Changpeng Zhao (CZ).
Host Norah OโDonnell asked Trump why he granted the pardon despite prosecutors claiming Zhao had caused โsignificant harm to US national security.โ
โOkay, are you ready? I donโt know who he is,โ Trump responded. He added that he did not recall ever meeting Zhao and had โno idea who he is.โ President Trump further explained that he was told Zhao had been the target of a โwitch huntโ under former President Joe Bidenโs administration.
At the time of the pardon, White House Press Secretary Karoline Leavitt defended the decision. She described Zhaoโs prosecution under the Biden administration as part of a broader โwar on cryptocurrency.โ Besides, Leavitt also dismissed criticism that the pardon was influenced by President Trumpโs personal financial interests.
Following Changpeng Zhaoโs pardon last week, seven Democratic senators sent an open letter on Oct. 28 to Attorney General Pam Bondi and Treasury Secretary Scott Bessent. They raised concerns over President Trumpโs October 23 pardon of Binance founder Changpeng โCZโ Zhao.
Led by Senator Elizabeth Warren, the lawmakers argued that the pardon undermines federal law enforcement efforts and may have been influenced by reported financial connections between Binance and the Trump familyโs crypto venture. Lawmakers have set a Nov. 4 deadline for the Department of Justice and the Treasury Department for an explanation of how Zhaoโs pardon affects federal law enforcement operations.
US President on Trump Family Crypto Ventures
During the CBS interview, President Trump dismissed concerns over potential conflicts of interest. He stressed that his priority is keeping the United States โnumber one in crypto.โ Furthermore, Trump explained that his sonsโ business ventures were entirely separate from government affairs.
โMy sons are into it. Iโm glad they are,โ Trump said. โTheyโre running a business, theyโre not in government.โ
Trump also reiterated his support for the cryptocurrency industry, stating that the US must maintain its leadership in the sector to prevent China and other global rivals from gaining a lead.
Even before CZ, the Trump administration previously suspended a fraud investigation into crypto entrepreneur Justin Sun following his investments in the Trump familyโs digital asset venture, World Liberty Financial.
Besides, President Trump has also issued pardons to the founders of cryptocurrency exchange BitMEX, who faced money laundering charges, as well as Ross Ulbricht, the founder of Silk Road, a dark web marketplace.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
