Generated Title: Trump's Crypto Pardon: A Billionaire's "Witch Hunt" or a Calculated Gamble?
Okay, so Trump says he doesn't know Changpeng Zhao – "CZ" to the crypto crowd – the guy he just pardoned. Right. He claims it was some "witch hunt" by Biden. That's the narrative the White House Press Secretary is pushing, at least, calling Zhao's prosecution an "overly prosecuted case." Color me skeptical.
The Pardon Paradox: Denials and Digital Deals
Let's break this down. Zhao pleaded guilty to enabling money laundering in 2023. Served four months. Stepped down as Binance CEO. Now, Trump's in an interview with 60 Minutes, claiming ignorance. "'I don't know who he is,' says Trump after pardoning crypto tycoon"
Here's where it gets interesting. Zhao's companies have partnered with firms linked to Trump on digital currency projects. Dominari Holdings, based in Trump Tower, has Zhao's sons on its board of advisors. So, either Trump's memory is failing him, or someone isn't being entirely forthright. What are the odds it's the former?
The pardon, according to reports, lifts restrictions on Zhao running financial ventures. But does it change his standing with US regulators? Or his role at Binance? Unclear. That lack of clarity, frankly, is the most interesting data point here. It suggests a possible quid pro quo, but without the explicit paper trail.
And then there's the broader context. Trump's administration previously halted a fraud case against Justin Sun, another crypto entrepreneur, after Sun invested in the Trump family's crypto firm, World Liberty Financial. World Liberty Financial launched a stablecoin, which was then used by an Abu Dhabi firm for a $2 billion investment in Binance. See the connections? I do.
Crypto's November Reckoning: ETFs and Market Realities
Meanwhile, back in the actual crypto market, Bitcoin's slipping. "Uptober" turned into "Red October," as one trader put it. Bitcoin fell below $108,000, down 2.1%. Ether's down 3.8%, XRP down 3.1%. The total crypto market cap: $3.69 trillion, down 3.1%.
Traders are pointing to fading confidence in faster rate cuts and a firmer dollar as catalysts. Fed Chair Jerome Powell poured cold water on the idea of a December rate cut, and now crypto's correlated to day-by-day data.
And here's where I think the real story lies: the SEC is facing pressure to approve crypto ETFs. November could be the month they finally hit US markets. Issuers are using a procedural route that doesn’t require an active SEC sign-off. Fidelity, for example, submitted an updated S-1 for its spot Solana ETF. If the SEC doesn't block the process, we could see the first XRP fund as soon as November 13.
But there's a catch. Some funds haven't received any feedback from the SEC on their S-1s. Those are unlikely to launch without the government reopening (this article is dated November 2025, so the shutdown is in the past).
This is the part of the report I find genuinely puzzling. Why is the SEC dragging its feet on some applications while letting others slip through on a technicality? What invisible hand is at play here?
So, What's the Real Story?
The pardon, the denials, the crypto connections, the ETF limbo – it all points to one thing: this isn't about "witch hunts" or miscarriages of justice. It's about power, influence, and a calculated bet on the future of digital assets. Trump's either playing dumb, or he's surrounded by people who are very good at keeping secrets (or both, more likely). Either way, it's a gamble, and the odds are still being calculated.
