Former President Donald Trump has granted a presidential pardon to Binance founder Changpeng ‘CZ’ Zhao, who pleaded guilty in November 2023 to failing to maintain an adequate Anti-Money Laundering program at the cryptocurrency exchange. The Wall Street Journal reported the pardon was signed Wednesday following extensive lobbying efforts by Binance and its former CEO, though official documentation has not yet appeared in federal records where presidential pardons are typically published.
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CryptoNews Article 
October 23, 2025 | 18:34
October 23, 2025 | 18:34
FinanceNews Article October 23, 2025 | 00:10
October 23, 2025 | 00:10
CryptoNews Article October 21, 2025 | 08:39
October 21, 2025 | 08:39
Bank Secrecy Act
1 in Finance and 2 in Crypto last week
STREAMLINE Act Aims to Modernize US Anti-Money Laundering Rules
A bipartisan group of US senators led by Senate Banking Committee Chair Tim Scott has introduced the STREAMLINE Act, legislation that would modernize the country’s 50-year-old anti-money laundering framework by raising transaction reporting thresholds for the first time since the Bank Secrecy Act’s creation in 1970. This proposed overhaul aims to reduce regulatory burdens on both traditional financial institutions and cryptocurrency companies while maintaining effective financial crime detection capabilities.
read moreCoinbase Urges Treasury to Modernize AML with AI, Zero-Knowledge Tech
Coinbase has launched a sweeping critique of U.S. anti-money laundering regulations, calling them “broken” and urging the Treasury Department to embrace artificial intelligence, APIs, and zero-knowledge proofs to combat financial crime in digital assets. The crypto exchange’s formal proposal argues that decades-old Bank Secrecy Act requirements have created an ineffective compliance system that burdens consumers, stifles innovation, and creates privacy risks through repeated KYC data collection. As Treasury compiles industry responses for congressional review, the debate highlights growing tension between traditional financial oversight and emerging blockchain technologies.
read moreCannabis Stocks Surge 20% on Trump Reform Hopes
Cannabis stocks are exploding in pre-market trading, with major players like Canopy Growth and Tilray Brands surging over 20% following former President Donald Trump’s strongest endorsement yet of marijuana reform. This dramatic rally reflects renewed investor optimism that a Trump administration could finally address the federal-state cannabis conflict that has crushed industry growth for years, potentially unlocking billions in value through rescheduling and banking access.
read moreBitMEX Founder Hayes Invests in Stem Cell Firm Post-Pardon
Following his March pardon by former President Donald Trump, which cleared his conviction for Bank Secrecy Act violations, BitMEX co-founder Arthur Hayes has acquired a significant stake and board position in an unnamed stem cell company. Hayes, who built BitMEX into a major derivatives exchange before regulatory issues, has been receiving treatments at the company’s clinics in Mexico and Bangkok for more than a year. He expressed his commitment to health and longevity, noting the global trend of relaxed regulations around stem cell therapies. The company is currently undergoing a rebrand.
read moreSEC’s Crypto Pivot: A Game-Changer for Ethereum & DeFi?
The SEC appears to be entering a new phase in its approach to digital assets, with Chair Paul Atkins’ ‘Project Crypto’ speech signaling a potential regulatory pivot favoring innovation. Bitwise CIO Matt Hougan describes the document as groundbreaking, suggesting it could benefit Layer 1 platforms (Ethereum, Solana), trading platforms (Coinbase, Robinhood), and DeFi protocols (Uniswap, Aave). However, markets have yet to price in this shift. Separately, SEC Commissioner Hester Peirce emphasized the need for privacy protections and DeFi inclusion, criticizing excessive surveillance in finance. Together, these developments hint at a possible generational opportunity for crypto, though skepticism remains given the SEC’s historically adversarial stance.
read moreSEC’s Peirce Advocates for Crypto Privacy & Financial Reform
SEC Commissioner Hester Peirce criticized the U.S. financial system as a ‘surveillance state,’ citing the Bank Secrecy Act’s role in deputizing banks as law enforcement. She advocated for crypto privacy tools like zero-knowledge proofs and DeFi to reduce reliance on intermediaries. Peirce also urged policy changes to protect self-custody and avoid prosecuting privacy software developers. Simultaneously, SEC Chair Paul Atkins announced ‘Project Crypto,’ an initiative to update outdated securities rules for tokenized assets. The White House is also preparing an executive order to prevent banks from discriminating against crypto firms, reversing Biden-era policies.
read moreCoinbase Pushes for BSA Modernization with Zero-Knowledge Proofs
Coinbase has called on US lawmakers to update the Bank Secrecy Act (BSA) by incorporating Zero-Knowledge Proofs (ZKPs) into financial compliance frameworks. Chief Legal Officer Paul Grewal highlighted that ZKPs could improve transparency while protecting user privacy, addressing vulnerabilities in the current KYC system. He explained that ZKPs allow verification of identity or sanctions status without exposing sensitive data, with law enforcement still able to subpoena details if needed. Separately, analysts view Coinbase’s recent stock decline as a strategic entry point, citing its USDC partnership, institutional growth, and plans for a ‘super app’ integrating DeFi and NFTs. Benchmark maintains a ‘Buy’ rating with a $421 target.
read moreWhite House Proposes Crypto Tax Reporting for Foreign Accounts
The White House has proposed that Congress enact legislation mandating U.S. taxpayers to report foreign digital asset accounts, a move aimed at preventing tax evasion and ensuring a level playing field for domestic crypto exchanges. The recommendation is part of a comprehensive 168-page report from the President’s Working Group on Digital Asset Markets, which also covers crypto banking, stablecoins, and illicit finance. The report suggests implementing a Crypto-Asset Reporting Framework (CARF) to keep crypto activity within the U.S. and clarifies that DeFi transactions should not face new reporting requirements. Additionally, the report calls for clearer pathways for crypto banks to access traditional banking services and evaluates potential updates to the Bank Secrecy Act for the crypto industry. The Trump administration hailed the report as a significant step forward for U.S. crypto policy.
read moreCrypto Firm Accused of Laundering $530M for Russian Clients
Iurii Gugnin is accused of orchestrating a $530 million laundering operation for Russian clients tied to sanctioned banks, using his crypto firm to move funds through US financial institutions and crypto exchanges. The scheme relied on Tether (USDT) to facilitate payments while evading sanctions. Gugnin allegedly failed to comply with AML regulations, neglected to file suspicious activity reports (SARs), and violated the Bank Secrecy Act. Additionally, he reportedly researched methods to detect law enforcement surveillance, further indicating intent to conceal illicit activities. The case highlights vulnerabilities in crypto-based sanctions enforcement and the risks of weak AML oversight.
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