Senators Elizabeth Warren (D-Mass.) and Adam Schiff (D-CA) are introducing a Senate resolution condemning President Donald Trump‘s pardon of Binance BNB/USD founder Changpeng "CZ" Zhao.
What Happened: The resolution follows Trump's decision to grant clemency to Zhao, who pled guilty in 2023 to violating U.S. anti-money laundering laws after Binance failed to prevent illicit transactions tied to terrorist groups like ISIS and Al Qaeda, Decrypt reported on Monday.
Zhao served a brief sentence before being pardoned, a move that reignited tensions in Washington over crypto's influence and potential national security risks.
The partnership between Warren, a longtime crypto critic, and Schiff, typically more crypto-friendly, underscores bipartisan concern. Both senators pointed to the financial ties between Binance and Trump's family through World Liberty Financial (WLFI), a crypto platform using the USD1 stablecoin.
They highlighted that WLF's token, WLFI, surged 15% following the pardon, suggesting possible profiteering.
Also Read: Peter Schiff Dismisses BTC Rally To $115,000: ‘How Is Bitcoin Digital Gold?’
Why It Matters: Warren and Schiff allege that Binance's involvement in a $2 billion investment through World Liberty Financial and Trump's personal stake in the platform represent "clear corruption and influence-peddling."
Their letter, first reported by Axios, also noted that World Liberty Financial's native token, WLFI, surged more than 15% in value immediately after the pardon announcement, further fueling suspicions of profiteering tied to presidential influence.
What's Next: Despite widespread Democratic outrage, the resolution is largely symbolic and expected to stall in the Republican-controlled Senate.
Warren and Schiff plan to seek passage by unanimous consent, though a single GOP objection would block it from advancing.
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