Elizabeth Warren plans to introduce a Senate resolution this week condemning President Donald Trump’s pardon of Binance founder “CZ” Chao Changpeng, according to a copy of a letter sent to senators on Monday. decryption.
It is worth noting that this resolution is supported by prominent cryptocurrency industry commentator Warren (D-MA) as well as Senator Adam Schiff (D-CA). Cryptocurrency support Congressman who was one of the few Democrats center Transition to stablecoins genius act President Trump reportedly signed the bill this summer. The planned solution was first reported in Axios.
President Trump’s pardon of the Binance founder has caused some friction on Capitol Hill, especially among Democrats.
In 2023, Chao pleaded guilty to violating U.S. anti-money laundering laws after the Treasury Department found that Binance was not blocking crypto transactions associated with ISIS, al-Qaeda, Hamas, and other blacklisted groups. ongoing and tense negotiations National security guarantees have emerged as a major concern for Senate Democrats over the pending cryptocurrency market structure bill.
The pardon of Mr. Zhao, the richest man in the cryptocurrency industry, also touches another sensitive nerve in Democratic circles: widespread conflicts of interest and unprecedented allegations of self-enrichment in the current White House.
Binance was at the center of some of the most lucrative trades made possible by the Trump family’s crypto platform. world liberty financialearly this year. World Liberty’s stablecoin USD1 was used as a vehicle to raise $2 billion investment Binance by UAE-backed company. President Trump and his sons have significant personal investments in World Liberty, and Chao remains Binance’s largest shareholder. resign He stopped running the company after being criminally charged.
“The President’s announcement last week to pardon Mr. Zhao follows months of increasingly intertwined business relationships between Mr. Zhao and the Trump family,” Warren and Schiff said in a letter to senators today. “Congress must act to stop this blatant corruption and influence by public officials, including the president and his family.”
Today’s letter also referred to the fact that World Liberty’s native token, WLFI, soared immediately after Zhao’s pardon was revealed on Thursday. 15% or more In value.
While dissatisfaction with Mr. Zhao’s pardon may be widespread, especially among Democrats, a symbolic resolution condemning the president’s actions is unlikely to pass in the Senate. Given that Republicans control the chamber, Warren and Schiff plan to pass the bill unanimously, meaning it only takes one Republican senator’s protest to block the bill from receiving a full vote.
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