Introduction
In his first 60 Minutes interview in five years, former President Donald Trump defended his controversial pardon of binance/?utm_source=CVJ.Ai&utm_medium=glossary&utm_id=CVJ.AI" target="_blank">Binance founder Changpeng ‘CZ’ Zhao, claiming no personal knowledge of the crypto billionaire while describing the prosecution as a ‘Biden witch hunt.’ The CBS segment revealed Trump’s broader crypto agenda to maintain U.S. dominance against global competitors, even as he faced pointed questions about Binance’s $2 billion transaction involving his family’s World Liberty Financial stablecoin and mounting Democratic scrutiny over potential conflicts of interest.
Key Points
- Trump claimed no personal knowledge of CZ and described the prosecution as 'weaponization by government' from the prior administration
- The President denied awareness of Binance's $2 billion purchase of his family firm's stablecoin, stating his sons' crypto business operates separately from government
- Trump framed the pardon as part of his broader policy to maintain U.S. leadership in crypto competition against China and Japan
The Pardon and Political Pushback
President Donald Trump’s first sit-down with 60 Minutes in five years provided the on-record explanation for his pardon of Binance founder Changpeng ‘CZ’ Zhao, who had pleaded guilty in 2023 to violating anti-money-laundering laws. When correspondent Norah O’Donnell pressed Trump on why he pardoned Zhao, the former president replied frankly: ‘I don’t know who he is. I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.’ Trump went further, framing Zhao as a ‘respected’ entrepreneur who was a ‘victim of weaponization by government,’ referring to the prior administration.
The pardon has drawn immediate scrutiny from Democratic lawmakers, with Senators Elizabeth Warren and Adam Schiff leading a resolution questioning its propriety and calling for a congressional review of any connections between Binance and the Trump administration. Some critics have suggested that Binance ‘greased the wheels’ for Trump’s crypto dealings, citing payments and lobbying activity tied to World Liberty Financial. Others have moved to tighten ethics rules, including proposals to bar members of Congress and senior officials from trading or holding digital assets.
The $2 Billion Stablecoin Question
O’Donnell confronted Trump about what she termed ‘the appearance of pay for play’ given Binance’s $2 billion purchase of his family firm’s stablecoin earlier this year. Trump responded that he knew ‘nothing about it’ and was ‘too busy’ doing other things. He emphasized that his sons’ involvement in crypto was separate from government affairs, stating: ‘They’re running a business, they’re not in government.’
The transaction involving World Liberty Financial’s stablecoin has become a focal point for critics examining the relationship between the Trump family’s business interests and presidential decisions. The segment marked the first time Trump directly addressed the $2 billion deal, which occurred just before Zhao’s pardon came to fruition. Speculation about a potential pardon had first surfaced in December 2024, weeks before Trump took office, following reports of backchannel lobbying within the digital-asset industry.
America's Crypto Competition Agenda
Beyond the specific pardon, Trump articulated a broader policy vision for cryptocurrency in the United States. ‘I wanna make crypto great for America. That’s the only thing,’ he told O’Donnell. Drawing a comparison with artificial intelligence, Trump added: ‘The same way we’re number one with AI, we’re number one with crypto. And I wanna keep it that way.’ He framed his administration’s approach as essential for maintaining U.S. competitiveness against growing challenges from China, Japan, and other nations.
The interview, taped at Trump’s private residence in Mar-a-Lago, Palm Beach, Florida, occurred against the backdrop of ongoing debates about U.S. leadership in emerging technologies. Trump’s appearance on the CBS program was his first since settling a lawsuit with parent company Paramount in July over a 2024 election interview with Kamala Harris, for which he received a $16 million settlement. The crypto discussion formed part of a broader conversation that also covered the government shutdown, immigration raids, and U.S. trade relations following Trump’s recent Asia visit.
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