Trump's Crypto Pardon: A Closer Look Reveals More Questions Than Answers

The Curious Case of CZ's Pardon

So, Trump pardoned Changpeng Zhao, aka "CZ," the Binance guy. Claims he doesn’t know who CZ is. Right. This is where it gets interesting.

The official line, according to White House Press Secretary Karoline Leavitt, is that CZ's prosecution was part of Biden's "war on cryptocurrency." A "witch hunt," as Trump himself put it. Okay, let's unpack that. CZ pleaded guilty to enabling money laundering in 2023. Four months in the clink. Stepped down as Binance CEO. This wasn't exactly a parking ticket.

Trump says he was told CZ was a victim. But here's the kicker: CZ's companies have partnered with firms linked to Trump on digital-currency projects. Dominari Holdings, for example, where Trump's sons are on the advisory board. And Dominari is based in Trump Tower. (The irony, it burns.) I've looked at hundreds of these filings, and the timing of these partnerships is...unusual, to say the least.

The pardon lifts restrictions that prevented CZ from running financial ventures. Does it change his standing with US regulators? Unclear. His role at Binance? Also unclear. Leavitt says the case was "thoroughly reviewed." By whom? Using what criteria? Details remain scarce.

Binance, by the way, remains the most-used crypto exchange in the world. That's a lot of potential financial leverage floating around, especially if CZ is still pulling strings behind the scenes.

And this is the part of the story that I find genuinely puzzling. Why double down on crypto now, especially given the history of Trump-linked crypto ventures? The Trump administration previously halted a fraud case against Justin Sun, another crypto entrepreneur, after Sun invested in the Trump family's crypto firm, World Liberty Financial.

The Ripple Effect: XRP and HBAR

While all this plays out, the crypto world keeps spinning. XRP recently slipped below $2.50, a 1.2% drop, to be exact, after repeated rejections at $2.55. Institutional activity surged, with volume up 85% above the recent average. That's not retail investors panic-selling; that's big money moving. The digital asset traded between $2.49–$2.55 over the 24-hour session, with price action dominated by technical flows rather than fundamental drivers.

The $2.50 support continues to act as a key psychological and structural pivot; maintaining closes above this threshold remains essential for preserving the medium-term bullish bias. Momentum indicators, including RSI and MACD, hover near neutral territory, suggesting a potential pause phase rather than outright reversal.

Meanwhile, the SEC has set a final deadline of November 12, 2025, to approve or deny Nasdaq’s proposal to list and trade the Grayscale Hedera Trust. Approval would mark the first U.S. spot HBAR ETF, giving investors regulated access to Hedera’s native token. [Source Title]: SEC sets final deadline for Grayscale’s spot HBAR ETF

The SEC's cautious approach to altcoin ETFs is reflected in this delay. Officials stated that more research on surveillance systems, volatility, and liquidity was necessary. Given Hedera’s enterprise adoption and ISO 20022 compliance, analysts now estimate a 60–80% chance of approval by year’s end.

Hedera has also made strategic moves in recent weeks, transferring 250 million HBAR to its staking rewards account, a pre-ETF strategy to activate yields and lock supply. The company has also been hinting at “major developments” through November.

There are now at least six U.S. ETF filings linked to HBAR, including those from REX-Osprey and KraneShares, as institutional demand for regulated crypto products grows. On-chain metrics show strong network activity and corporate use cases in tokenization, while X discussions suggest traders see the SEC decision window as a key test for altcoin ETF adoption.

The Smoke and Mirrors of Crypto Pardons

Trump claims he doesn’t know CZ. The White House claims it's correcting a "misjustice." Yet, the data points to a pattern: Trump-linked entities benefit from crypto ventures, and individuals involved in those ventures seem to get a pass.

Is this a coincidence? Possible. Is it worth digging deeper? Absolutely. The SEC's upcoming decisions on HBAR ETFs will be telling. Will they follow the data, or will they succumb to the political winds? Only time will tell.

Follow the Money, Not the Narrative