Alright, so Trump pardoned this "CZ" dude, Changpeng Zhao, the Binance crypto honcho who pleaded guilty to enabling money laundering. And now he's playing dumb, telling 60 Minutes he has "no idea who he is." Give me a break.
The "I Don't Know Him" Defense
This is either the most blatant lie since Nixon said he wasn't a crook, or it's even worse: a sign that Trump's handlers are running the show, and he's just a figurehead signing off on whatever they put in front of him. Which, honestly, is even scarier.
"Okay, are you ready? I don't know who he is," Trump said, according to reports. He claims he was told Zhao was a victim of a "witch hunt" by the Biden administration. A witch hunt? Please. The guy pleaded guilty.
And the White House Press Secretary Karoline Leavitt calls Zhao's prosecution under the Biden administration part of a "war on cryptocurrency"? Is that what we're calling actual law enforcement now? It's a "war on cryptocurrency"? More like a war on crime, maybe?
Then again, maybe I'm missing something. Maybe I'm the one being played. Nah.
The Tangled Web of Crypto and Trump
Here's where it gets interesting – or, you know, infuriating. Zhao's companies have partnered with firms linked to Trump on digital-currency projects, including Dominari Holdings, where his sons sit on the board of advisers and which is based in Trump Tower. Coincidence? I think not.
The Trump administration even previously halted a fraud case against crypto entrepreneur Justin Sun, after his investments in the Trump family's crypto firm, World Liberty Financial. And let's not forget the stablecoin launched by World Liberty Financial that was supposed to be used by an Abu Dhabi firm for a $2bn investment in Binance.
See, this is the kind of crap that makes people lose faith in the system. It's not about left or right anymore; it's about the connected screwing over everyone else.
Speaking of crap, my internet provider is at it again. How is it that I'm paying for "ultra-fast" internet and I can barely stream a cat video without buffering? It's criminal, I tell you. Criminal!
The Bigger Picture: Crypto's Murky Future
So, what does this pardon actually mean? It lifts restrictions that had stopped Zhao from running financial ventures, but it's unclear whether it changes his standing with US regulators or his role at Binance.
And that's the problem with the whole crypto thing – it's still the Wild West. We're seeing Bitcoin slipping below $108,000 as investors temper hopes for deeper rate cuts. "Uptober" turned into "Red October," thanks to the Fed keeping everyone on edge.
Meanwhile, the SEC is dragging its feet on crypto ETFs, even with issuers trying to sneak them through via procedural loopholes. Will November be the month? Who knows. It all depends on whether the government gets back to work, or if they're too busy fighting over who gets to line their pockets next.
