Connecticut Senator Chris Murphy is raising concerns about Binance.US, claiming that the cryptocurrency exchange is involved in promoting USD1, a stablecoin connected to the Trump family’s crypto venture, shortly after President Donald Trump pardoned the former CEO of Binance, Changpeng ‘CZ’ Zhao.
On a recent post on X, Murphy criticized Binance.US for launching USD1 trading just one week following Zhao’s pardon. He stated that it seemed like the exchange was “promoting Trump crypto.”
(Translation: promoting Trump crypto)
The pardon issued on October 23 has stirred discussions in both the crypto community and Congress. Although Zhao had mentioned earlier that he sought a pardon, many speculate whether there were underlying financial motivations at play, especially considering a $2 billion investment in Binance from an Abu Dhabi firm linked with USD1.
Related: Trump’s crypto pardons raise ethics and corruption concerns
Murphy’s remarks coincide with increasing scrutiny over the pardon, as multiple lawmakers from both the House and Senate are investigating its implications. This includes a letter from seven senators to the Justice Department expressing concerns that the pardon signals a troubling message to financial executives.
Meanwhile, California Representative Ro Khanna has announced plans to propose legislation aimed at preventing U.S. presidents and Congress members from trading cryptocurrencies or stocks, directly referencing the recent pardon as “blatant corruption.”
(Translation: blatant corruption)
