President Trump reiterated his aim to make the U.S. the global crypto capital. This follows his pardon of Binance founder CZ despite corruption concerns.
U.S. President Donald Trump recently reaffirmed his crypto stance. He wants America to become the global crypto capital. This statement was part of a long 60 Minutes interview. The segment was aired on Sunday evening. The discussion was held at the very end of the 90-minute program.
Presidential Pardon of CZ Draws Scrutiny in Recent Interview
Binance founder CZ was pardoned ten days ago. He pleaded guilty in 2023 to money laundering. This crime was covered by the Bank Secrecy Act. He served a little over four months in prison. Furthermore, this was after a $4.3 billion Justice Department settlement.
CBS reporter Norah O’Donnell challenged the pardon decision. She mentioned allegations that CZ was highly damaging. This was connected with the terrorist groups transferring money. However, President Trump stated that he did not know CZ. Additionally, he said the case was a “Biden witch hunt.”
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Therefore, O’Donnell pushed the President on the optics of the pardon. This came after Binance enabled a stablecoin purchase. The President claimed that he knew nothing about the transaction. However, he quickly switched to talking about crypto. As a result, the discussion again revolved to corruption.
Moreover, the President seemed to lose his patience. He confirmed he was “not concerned” about the corruption. Furthermore, he clearly stated the desire to not have to answer the question. Therefore, the White House was contacted for comment. The issue of the pardon is a very controversial one.
Trump Family’s Crypto Venture Linked to Binance Deals
The pardon also served to call attention to a family venture. Trump family members own a majority of World Liberty Financial. Therefore, the stablecoin product of the company, USD1, experienced a massive value jump. Shares went from $127 million to more than $2.1 billion. Furthermore, this increase followed the market intervention of Binance.
Specifically, Binance built the underlying technology for USD1. After the launch, there was heavy investment by an Emirati fund. MGX used USD1 to invest in CZ’s company to the tune of $2 billion. Consequently, this move provided World Liberty opportunity for large interest returns. Thus, the financial relationship between the entities is obvious.
However, World Liberty and Binance denied participation in the deal. Binance’s lawyer said that CZ was not a facilitator. Furthermore, World Liberty demanded that the pardon was never discussed. The company maintained that it never influenced the decision. Thus, they claimed that there was no conflict of interest.
Democratic Senator Elizabeth Warren miffed at the decision. She claimed that CZ pleaded guilty and then elevated Trump’s venture. Consequently, he later lobbied for the pardon. Therefore, she said that this situation is a clear example of corruption. Warren said Congress needed to stop this lawlessness.
Moreover, Democratic Representative Jerry Nadler criticised the action. He called the pardon a “shameful abuse of power.” Furthermore, he said the act was a “mockery of justice.” Even some supporters expressed opposition. Specifically, Palantir co-founder Joe Lonsdale felt that Trump was “terribly advised.”
In the end, President Trump expressed his enthusiasm for crypto. He said he believes the industry is likely “great.” Furthermore, CZ expressed his gratitude to the President for the pardon on social media. Thus, he promised to help make America the Crypto Capital of the world. Consequently, the attention is still on crypto policy in the future.