NEWS: Sens. Schiff, Warren Introduce Resolution to Condemn Trump’s Pardoning of Binance Founder Changpeng Zhao

Call on Congress to use its authority put a stop to this form of corruption

Washington, D.C. - U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee introduced a resolution condemning President Trump for pardoning Changpeng Zhao, the founder and majority owner of the crypto exchange Binance, and calling for Congress to use its authority to stop this form of corruption.

"President Trump's pardon of Binance founder Changpeng Zhao is just the latest example of the president's use of the pardon power as a means of rewarding wealthy donors and allies, and enriching himself," said Senator Schiff. "This latest abuse of power erodes public trust and makes a mockery of equal justice under the law."

"It is outrageous that President Trump is willing to turn a blind eye to money flowing to terrorists and child abusers if it lines his own pockets," said Ranking Member Warren. "Congress needs to stop this kind of corruption."

In 2023, Zhao was sentenced to prison time for his willful failure to maintain an effective anti-money laundering program while leading Binance. The company pleaded guilty to multiple crimes and was required to pay a record $4.3 billion after it allowed money to flow to terrorists, foreign adversaries, child abusers, and other criminals. Trump's decision to pardon Zhao comes after a stablecoin from World Liberty Financial, the Trump-affiliated crypto venture, was used to purchase a $2 billion stake in Binance. Ranking Member Warren previously requested information from the Trump Administration on Zhao's application for a presidential pardon.

Full text of the legislation is available here.

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