Last updated:
Author
Julia Smith
Author
Julia Smith
Share
Why Trust Cryptonews
Key Takeaways:
- Trump’s family explored a stake in a leading U.S. crypto platform amid a broader financial and political contest.
- The talks emerged as the exchange sought to re-establish its U.S. presence.
- Critics question if such dealings blur lines between market moves and political ties.
Representatives of former U.S. President Donald Trump’s family reportedly engaged in discussions last year about purchasing a stake in Binance.US, according to a March 13 report from the Wall Street Journal.
Trump Family’s Binance.US Talks Surface in Report
According to the report, discussions between Trump’s family and Binance began last year after the exchange sought to restore its U.S. operations.
The report also claims that former Binance CEO Changpeng ‘CZ’ Zhao sought a pardon from Trump after pleading guilty to anti-money laundering violations in November 2023.
Steve Witkoff, a longtime Trump ally, was reportedly involved in discussions with Binance.US, according to sources cited by the Wall Street Journal.
Zach Witkoff, Steve Witkoff’s son, co-founded World Liberty Financial, a DeFi platform linked to Trump’s business interests.
An administration official for the elder Witkoff denied the report’s claims, stating that he was in the process of divesting from his business interests.
Zhao Denies Allegations as Warren Criticizes Trump’s Crypto Ties
Zhao responded on X after the article’s publication, stating that the report “got the facts wrong.”
“I have had no discussions of a Binance US deal with … well, anyone,” Zhao said in a March 13 X post.
“Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the ‘war on crypto’ from the last administration are still at work,” he continued. “I am always happy to make crypto great everywhere, US and the rest of the world.”
Trump, who has positioned himself as supportive of the crypto industry in his 2024 campaign, has drawn mixed reactions for his ties to the sector.
During a Senate Banking Committee hearing on March 13, Senator Elizabeth Warren criticized World Liberty Financial after a Bloomberg report revealed its discussions with Binance.
“Bloomberg has just broken the news that the Trump family’s crypto company has been in discussions on doing business, including possibly creating a new stablecoin – exactly what we’re debating right now,” Warren said.
“For those of you who don’t remember, Binance pleaded guilty to criminal charges for ‘willful failures that allowed money to flow to terrorists, cybercriminals, and child abusers through its platform,” the Democratic lawmaker continued.
“We should be standing up to this kind of naked corruption not trying to figure out how to build some kind of super highway so it can take off even faster, bigger, and better,” she continued.
Regulatory Crossroads: Politics Meets Cryptocurrency
The alleged talks between the Trump family and Binance.US represent more than just a business negotiation—they symbolize the complex intersection of politics, regulation, and digital finance.
As cryptocurrency increasingly becomes a partisan battlefield, with Republicans championing industry growth and Democrats like Warren raising alarm bells about potential misconduct, the future of digital asset policy hangs in balance.
The advancement of the GENIUS Act signals a potential shift in stablecoin regulation despite vocal opposition.
Whether these developments lead to meaningful oversight or regulatory capture will depend largely on which voices ultimately shape policy.
For investors and industry participants, these political dynamics may prove just as consequential as market movements in determining crypto’s American future.
Frequently Asked Questions (FAQs)
These discussions reveal how political ties and crypto business converge, fueling debates on market oversight and ethics. The potential shift in focus may reshape how the public views digital finance.
Lawmakers might review crypto rules as these interactions highlight oversight gaps and conflicts. Such talks may trigger a push for a streamlined framework that controls risk while supporting growth.
A3: These engagements may blur the lines between political involvement and market decisions, prompting closer review of financial ties. Experts warn that thorough review is key to keeping digital finance fair.
