Alright, let's unpack this Trump pardon of crypto tycoon Changpeng Zhao (CZ), shall we? The headlines are screaming about political favors and backroom deals, but let's see if the data supports the narrative. Trump claims he doesn't know who CZ is, despite the pardon and CZ's companies' connections to Trump-related ventures (Dominari Holdings, based in Trump Tower, where his sons are advisors). 'I don't know who he is,' says Trump after pardoning crypto tycoon The White House spins it as correcting a "war on cryptocurrency" by the Biden administration. Sounds like a classic case of "he said, she said."
But the numbers tell a different, potentially more nuanced story.
Following the Money (Maybe)
First, let's address the "witch hunt" claim. CZ pleaded guilty to enabling money laundering in 2023. Four months in prison isn't exactly a slap on the wrist. The claim that the Biden admin was overzealous seems… dubious at best. Was the prosecution heavy-handed? Maybe. But the guilty plea suggests there was some fire beneath the smoke.
Then there's the timing. The pardon lifts restrictions on CZ running financial ventures. Convenient, considering the ongoing crypto ETF saga. As of November 2025 (according to reports), the SEC is still dragging its feet on approving crypto ETFs. Crypto ETFs: November Could Be the New October for U.S. After Shutdown Delays SEC Decisions Could CZ's return to the game influence the market? Almost certainly.
The article mentions Trump's support for crypto, stating the US needs to lead in the industry or risk China gaining an advantage. This is where things get interesting. Is Trump's support genuine, or is it tied to potential financial gains? The Trump administration previously halted a fraud case against crypto entrepreneur Justin Sun after his investments in the Trump family's crypto firm, World Liberty Financial. And in May 2025, a stablecoin launched by World Liberty Financial was slated to be used by an Abu Dhabi firm for a $2 billion investment in Binance. (That's a lot of zeros.)
The optics are, shall we say, less than ideal.
The ETF Equation
The potential launch of crypto ETFs via procedural loopholes (issuers filing updated S-1 registration statements that include “no delaying amendment” language) adds another layer of complexity. If the SEC doesn't act within 20 days, these filings automatically become effective. Fidelity and Canary Capital are already testing the waters.
Here's the thought leap: Is the SEC deliberately slow-walking the approval process to allow certain players (like a potentially unburdened CZ) to gain an advantage? Or is it simply bureaucratic inertia?
I've looked at hundreds of these filings, and the SEC's level of engagement with XRP applications is unusually low, hinting at a possible stall. Bloomberg Intelligence ETF analyst James Seyffart suggests that some funds are unlikely to launch without the government reopening.
The article also mentions Kiyosaki's warning of a "massive crash." While fear can drive markets, Bitcoin is currently holding steady around $110,414. Is this a sign that investors are ignoring the noise, or are they simply waiting for the right moment to pull the trigger? (My analysis suggests the latter.)
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So, What's the Real Story?
Trump's denial of knowing CZ is almost certainly disingenuous, given the documented connections. The pardon, framed as correcting a "war on crypto," smells more like a calculated move to benefit allies in the crypto space. The SEC's ETF delays, whether intentional or not, create an environment where a pardoned CZ could exert significant influence. It's not just about politics; it's about positioning for a potentially massive financial windfall.