Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following President Donald Trump’s pardon of convicted Binance founder, Changpeng Zhao (CZ). This pardon comes just months after the Securities and Exchange Commission dismissed its case against CZ and Binance for securities fraud, including misleading investors, engaging in manipulative trading, and comingling assets:

“As the government remains shut down, federal workers go without pay, and Americans watch their health care costs skyrocket, Donald Trump continues to show no interest in negotiating with Democrats to reopen the government and relieve the pain Americans are feeling. Instead, Trump is doing massive favors for crypto criminals who have helped line his pockets. Trump’s pardon of Binance founder Changpeng Zhao—who pleaded guilty to enabling money laundering and facilitating suspicious transactions with child abusers, drug dealers, and terrorists—is an appalling but unsurprising reflection of his presidency: one defined by corruption, self-interest, and loyalty to criminals over working-class American families.

Let’s be clear about why this happened. CZ has spent months lobbying Trump and his family while funneling billions into Trump’s personal crypto company, World Liberty Financial. The pardon was the payoff and a blatant example of the kind of pay-to-play corruption that Trump and his Administration continue to engage in.

Taken together, the Administration’s actions effectively legitimize the crypto crime CZ was convicted of, giving him the green light to continue operating his crypto platform with virtually no guardrails to protect the hard-earned funds of everyday investors. These actions are yet again proof that Trump is more than willing to allow crypto crime to flourish so long as it boosts his personal fortune.”

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