U.S. Congresswoman Maxine Waters publicly criticized President Trump’s decision to pardon Binance founder and former CEO Changpeng Zhao (CZ).
According to reports, Trump pardoned Zhao on Thursday, stating that someone told him "what he did wasn't even a crime." In a statement later that evening, Maxine Waters, the Democratic leader of the House Financial Services Committee, countered, saying, "Trump is providing tremendous convenience to cryptocurrency criminals who help line his pockets."
Waters stated, "Trump pardoned Binance founder Changpeng Zhao—who has admitted to assisting in money laundering and facilitating suspicious transactions with child abusers, drug traffickers, and terrorists—this shocking act is not uncommon during his presidency." Donald Trump claimed that he decided to pardon Zhao because "many people" told him CZ was innocent.
Trump asserted, "This is not a crime; he is a victim of persecution by the Biden administration."
Waters added, "CZ spent months lobbying Trump and his family while funneling billions of dollars to Trump’s personal cryptocurrency company, World Liberty Financial." She also stated that the pardon was a result of these efforts, "and is a blatant example of Trump and his administration's ongoing involvement in 'pay-to-play' corruption."
Earlier reports indicated that as Trump began his second term, his personal wealth saw an unusually large increase. This change was attributed to the large cryptocurrency empire built by him and his family. Over the past year, these businesses generated over $1 billion in pre-tax profits.
The Trump family has been nonchalant about this. Trump's son Eric Trump even stated that the family's actual profits "could be even more."
As Waters noted, World Liberty Financial is at the core of this new wealth. This decentralized finance (DeFi) platform was founded by Trump’s son and his partners and has sold billions of dollars in tokens and stablecoins.
In June of this year, Trump disclosed that he earned $57.4 million from his involvement with World Liberty Financial, and last month, his family's stake in the company surged to $5 billion due to token unlocks. The latest estimates show that WLFI has brought the family $550 million this year.
Related: Ethereum (ETH) treasury enterprise ETHZilla accelerates its layout in the stablecoin sector.
Original article: “Trump’s Pardon of CZ Sparks Outrage from Congresswoman Maxine Waters, Accusing Him of a ‘Pay-to-Play’ Relationship with the Crypto Industry”
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