You know how sometimes something happens that just makes you shake your head, even if you’re not entirely surprised? That’s exactly how U.S. Rep. Maxine Waters, D-Calif., feels about President Trump’s recent pardon of Binance founder Changpeng Zhao, also known as CZ.
Waters Blasts ‘Appalling’ Pardon
Zhao, who pleaded guilty in 2023 to breaking U.S. money laundering laws, recently completed a four-month stint in federal prison. Following his release, Waters didn’t hold back, describing the pardon as both ‘appalling’ and ‘unsurprising.’ She characterized it as a significant ‘favor’ granted to a ‘crypto criminal.’
As the ranking member of the House Financial Services Committee, Waters minced no words. She stated, ‘Trump is doing massive favors for crypto criminals who have helped line his pockets.’ She went on to call the pardon a reflection of Trump’s presidency, which she believes is defined by ‘corruption, self-interest, and loyalty to criminals over working-class American families.’
Allegations of Pay-to-Play Corruption
Waters didn’t just stop at criticism; she pointed to a specific reason for the pardon. She alleged that CZ had spent months lobbying Trump and his family, while simultaneously funneling billions into Trump’s personal crypto company, World Liberty Financial. ‘The pardon was the payoff,’ Waters declared, calling it a ‘blatant example of the kind of pay-to-play corruption that Trump and his Administration continue to engage in.’
The White House, however, defended the decision. Press Secretary Karoline Levitt stated that the pardon signals an end to what they termed ‘the Biden Administration’s war on crypto.’ Meanwhile, CZ himself took to X (formerly Twitter) to express his gratitude, thanking Trump and vowing to help make America the ‘Capital of Crypto.’
Waters’ Long-Standing Crypto Concerns
This isn’t the first time Waters has voiced strong opinions on cryptocurrency and its intersection with the Trump administration. Back in July, she criticized the passage of the GENIUS Act and related crypto bills, calling them a ‘gift-wrapped invitation for Trump to continue his full-scale crypto con.’
She argued that these bills do not adequately protect consumers or the national interest, nor do they increase transparency. Waters believes these legislative moves legitimize what she sees as Trump actively building ‘the most corrupt self-dealing crypto environment this country has ever seen.’
Broader Political Context
The conversation around this pardon also comes amidst ongoing political discussions, including the government shutdown. Waters has been vocal about the shutdown, blaming Republicans and the Trump administration, and urging bipartisan cooperation. Her strong stance on these issues underscores her role as a prominent voice in Washington.
What’s your take on this controversial pardon? Do you agree with Rep. Waters’ assessment, or do you see it as a positive step for the crypto industry? Share your thoughts in the comments below!
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