Murphy presses Binance as Trump pardon feud intensifies
Sen. Chris Murphy continues to accuse Binance of helping secure a presidential pardon for Changpeng "CZ" Zhao, saying the exchange rewarded the pardon by listing President Trump-linked USD1 stablecoin on Binance US one week later.
Murphy wrote on social media that Binance 'launched Trump's corrupt crypto coin' and 'greased the wheels' for deals tied to Trump. The White House confirmed the pardon last week. Zhao served four months in federal prison in 2024 after pleading guilty to violating U.S. anti–money laundering laws.
Binance US said earlier that it conducts 'comprehensive due diligence' before listings and noted USD1 already trades on more than 20 U.S. exchanges, ranking among the top stablecoins with about $3 billion in market value.
Other democrats including Rep. Maxine Waters, Sen. Elizabeth Warren and Sen. Adam Schiff also condemned the pardon. Waters described the decision as 'an appalling but unsurprising reflection of his presidency.'
Warren and Schiff supported a resolution condemning the pardon and cited what they described as 'months of an increasingly intertwined business relationship' between Trump and Zhao. Rep. Ro Khanna announced plans to introduce legislation to bar elected officials from owning or creating cryptocurrencies.
Democratic lawmakers have pointed to reported financial ties between Trump’s crypto venture and outside investors, including a reported $2 billion transaction in which Abu Dhabi’s MGX used USD1 to buy an equity stake in Binance.
They say the arrangement generates tens of millions annually for World Liberty Financial and larger revenues for the Trump family. Congressional offices and advocacy groups are preparing further inquiries and resolutions.
Other democrats including Rep. Maxine Waters, Sen. Elizabeth Warren and Sen. Adam Schiff also condemned the pardon. Waters described the decision as 'an appalling but unsurprising reflection of his presidency.'
Warren and Schiff supported a resolution condemning the pardon and cited what they described as 'months of an increasingly intertwined business relationship' between Trump and Zhao. Rep. Ro Khanna announced plans to introduce legislation to bar elected officials from owning or creating cryptocurrencies.
Democratic lawmakers have pointed to reported financial ties between Trump’s crypto venture and outside investors, including a reported $2 billion transaction in which Abu Dhabi’s MGX used USD1 to buy an equity stake in Binance.
They say the arrangement generates tens of millions annually for World Liberty Financial and larger revenues for the Trump family. Congressional offices and advocacy groups are preparing further inquiries and resolutions.
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