Senators Probe Binance CEO's Presidential Pardon Application and Its Impact on Crypto Legislation
On May 15, 2025, Senators Elizabeth Warren, Dick Durbin, and Richard Blumenthal launched inquiries surrounding Binance founder Changpeng Zhao's recent application for a presidential pardon from former President Donald Trump. Zhao, who pleaded guilty in 2023 for violations of the Bank Secrecy Act, was sentenced to four months in prison and fined $100 million. Additionally, Binance paid over $4 billion in penalties related to regulatory breaches.
Zhao confirmed on May 5, 2025, that he applied for a pardon, raising serious questions about potential financial and political entanglements involving Trump's family and Binance. Senators worry these connections could undermine the integrity of the presidential pardon process and affect ongoing enforcement actions, as well as Zhao's cryptocurrency business activities within the United States.
This scrutiny also emerges amid legislative debates over the GENIUS Act, a bill intended to expand the stablecoin market. Critics argue that the Act lacks adequate safeguards against conflicts of interest, which could be exacerbated by the current situation. After a recent failed vote among Senate Republicans, the GENIUS Act may resurface for further discussion.
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Stay tuned for updates on this developing story and its implications for the crypto industry and regulation in the United States.