From Trump's Pardon of CZ to the Major Shift in U.S. Crypto Strategy: Diagnosing Investment Logic and Ecological Opportunities in the New Market Paradigm.
On October 23, 2025, U.S. President Trump signed a presidential pardon for Binance founder Zhao Changpeng (CZ), a decision that sparked widespread attention in U.S. politics and the crypto industry. Behind this decision is the Trump administration's vigorous promotion of the "Crypto Capital of America" strategy, marking a fundamental shift in the U.S. attitude towards the crypto industry.
The background of this pardon can be traced back to 2024, when Binance reached a historic settlement with U.S. regulators, agreeing to pay up to $4.3 billion in fines, while CZ himself faced legal responsibilities for violating the Bank Secrecy Act. In less than a year, the dramatic shift from severe penalties to a presidential pardon highlights the strategic adjustment of U.S. crypto policy.
On October 28, a deep discussion on the Trump pardon controversy and its potential to stir the future of the global crypto market took place in a Twitter Space hosted by SunPump. This Space gathered several industry veterans, aiming to penetrate the surface and explore the political logic behind the pardon, its profound impact on the crypto market, and the layout strategies for ordinary investors in the new cycle. This was not only a sorting of information but also a valuable intellectual collision for all market participants to clear the fog and seek direction at a critical turning point.
The Logic Behind Trump's Pardon of CZ: Interest Transfer or Grand Strategy?
Regarding Trump's pardon of CZ and the motives behind it, guest Bi Information first cleared the surface fog. He pointed out that although Binance has concrete project collaborations with Trump family business entities, this essentially aligns with the normal mechanism of lobbying by business groups through Political Action Committees (PACs) in the U.S. political ecosystem. For the crypto industry, this should be viewed as a positive "political feedback," signaling a significant shift in the policy environment.
Guest Tang Eleven echoed Bi Information's viewpoint and supplemented it from a financial perspective. He believes that Trump's policy effectively "opened the door" from a top-level design perspective, allowing for "policy liquidity." This increases the likelihood that the liquidity released by the Federal Reserve will flow into the relatively smaller crypto market, creating a "rising tide lifts all boats" effect. For ordinary participants, the key is to "get closer to the source of water" and engage in early projects that can capture this policy dividend.
Guest 527 took a broader perspective, revealing the deeper considerations behind the U.S. strategy to build a "Crypto Capital": subjectively, this is in response to the challenges posed by new energy and multipolar currencies to the dollar's hegemony, aiming to create a global new settlement network for the dollar by "chain reforming" core assets like U.S. stocks and bonds and promoting stablecoins; objectively, crypto technology serves as the foundational infrastructure for the impending AI economic wave, with blockchain becoming the key basis for efficient and trustworthy collaboration and payment among AI agents. From this grand perspective, he believes that the Trump administration's "pardon" of CZ is not merely a simple exchange of interests but a strategic transformation of the U.S. from exclusion to full embrace of crypto assets in order to seize the next generation of technological and financial high ground.
After deeply analyzing the strategic intent behind the pardon, the discussion naturally shifted to its actual impact on the market: can the resonance created by Trump's pardon of CZ, the listing of Hong Kong's first Solana ETF, and the Federal Reserve's interest rate cut expectations truly ignite a new round of crypto bull market?
Although these three events have created a rare synergy, the guests generally held a cautiously optimistic attitude. They believe that, given the current market size is incomparable to before, fully replicating the frenzied bull market of 2019 is unrealistic. A more likely scenario is that this resonance will give rise to a new market paradigm with more structural characteristics: centered around mainstream assets and compliant channels, pushing the market towards a more mature and mainstream development stage. For savvy participants, this will undoubtedly bring a new round of significant opportunities, but the forms of these opportunities will be more diversified, requiring investors to possess stronger track selection and ecological layout capabilities.
Investor Layout Guide: Left Hand Meme Traffic, Right Hand Stablecoin Returns, TRON as the Core Carrier
In the concluding segment of the Space, the discussion returned to the most concerning question for every participant: how should ordinary investors layout in the face of Trump's pardon of CZ and the grand narrative of building a "Crypto Capital"? The guests engaged in a highly practical discussion from track selection to specific strategies.
Mr. Bai proposed an insightful viewpoint: he suggested a moderate allocation to Meme coins. He believes that the core value of Meme coins in this cycle lies in their strong user acquisition ability and extremely low promotional resistance. He cited the Meme coins issued by Trump himself as an example, pointing out that they are essentially "fair enough and transparent enough" community assets, without the low-price chip dumping from VCs, bringing valuable new users and liquidity to the industry. For community leaders and ordinary users, participating in Meme coins with small funds is both an embrace of traffic hotspots and a controllable risk attempt.
He further pointed out that investors can focus on Meme projects backed by strong ecosystems and community consensus. For example, the Meme fair launch platform SunPump within the TRON ecosystem, which combines community enthusiasm and ecological empowerment potential. With SunPump and its automatic token issuance AI assistant SunGenX, users can quickly discover hot projects and participate in market trends, allowing them to deeply engage in an active ecosystem.
At the same time, a more certain main line was repeatedly emphasized by several guests—stablecoins. Guest 527 conducted an in-depth analysis, believing that the golden period for retail investors to make money may just be beginning. His core logic is that for the U.S. to realize the vision of a "Crypto Capital" and promote the on-chain of dollar assets, the most direct way is to cultivate user habits through high-yield incentives and airdrop expectations. Based on this, he suggested that ordinary investors focus on participating in various projects centered around dollar stablecoins, sharing the industry development dividends through active participation in ecological construction.
In this trend, choosing a public chain with strong compliance backing, a complete stablecoin infrastructure, and a thriving DeFi ecosystem is crucial. The TRON ecosystem is an excellent carrier for this trend.
The compliance advantage of TRON lies in its official listing on NASDAQ (stock code: TRON) through "Tron Inc." in July 2025, making it one of the few listed entities based on a blockchain mainnet. This milestone event provides strong compliance backing for the entire TRON ecosystem. The listing is not just a formal change; Tron Inc. has also submitted a plan to the SEC to issue up to $1 billion in mixed securities, clearly stating that the funds will primarily be used to purchase TRX tokens and for corporate operations. This means that at least $1 billion of compliant capital can legally flow into the TRON on-chain ecosystem through this listed company structure.
The advantages of stablecoins are equally significant. TRONSCAN data shows that the issuance of USDT on the TRON network has exceeded 78.5 billion, making it the absolute main channel for dollar stablecoins on-chain. More importantly, the TRON ecosystem strategically introduced the compliant stablecoin USD1 backed by the Trump family, which not only achieves a deep binding with compliant dollars but also represents a key step in actively embracing the U.S. regulatory framework and strengthening its legitimacy.
At the same time, TRON's DeFi projects are flourishing. TRONSCAN data shows that the total locked value (TVL) of the TRON ecosystem exceeds $25.5 billion, with the core lending protocol JustLend DAO's TVL surpassing $7.3 billion, making it one of the key protocols with strong profitability within the ecosystem. Additionally, the TRON ecosystem's first native perpetual DEX "SunPerp" has also performed outstandingly, with trading volume rapidly exceeding $1.8 billion since its launch in September 2025, and the total trading volume has reached $2.98 billion, with registered users surpassing 29,000, showcasing the development potential of this emerging track.
Even more noteworthy is the large-scale repurchase and destruction plan for the ecological governance token JST, which has officially launched, injecting strong deflationary momentum into the ecosystem. According to the announcement, JustLend DAO has completed its first repurchase using 17,726,141 USDT from its existing earnings, successfully destroying 559,890,753 JST, accounting for approximately 5.66% of its total supply. This destruction is not only substantial but also establishes a sustainable "value flywheel" model, where JustLend DAO's protocol net income and the excess returns of the USDD multi-chain ecosystem will be continuously used for repurchasing and destroying JST, providing solid support for the long-term value of the token.
As the guests have insightfully pointed out, the industry is transitioning from chaos to compliance and mainstream acceptance, which means that the myth of getting rich quickly will diminish, but sustainable profit opportunities based on logic and ecological participation are emerging on a large scale. For ordinary participants, understanding the capital logic behind the "Crypto Capital" strategy and choosing ecosystems like TRON, which have a large stablecoin foundation, a thriving DeFi ecosystem, and a clear compliance path, is undoubtedly a rational strategy to seize the dividends of this era.
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