POLL: Trump’s Support Among Gen Z, Demographic He Won In 2024, Collapses

One of the biggest takeaways from the 2024 election was that Donald Trump far exceeded expectations when it came to Gen Z voters. Trump made notable gains among younger voters, specifically those under 30. The narrowing of the gap was a surprising development for many on the left and signaled major challenges for the Democratic Party’s future.

However, recent data suggests a different trend among young Americans. According to an Economist/YouGov poll of over 1,600 Americans conducted October 24-27, Trump’s support among individuals under the age of 30 has collapsed. Previously, in February, his approval rating among Americans ages 18-29 stood at 50%, with just 42% expressing disapproval. Now, 75% of 18-29-year-olds disapprove of the way Trump is handling his job as president, with 55% strongly disapproving.

When it comes to handling the economy and inflation, 72% of young Americans disapprove. Additionally, 61% of 18-29-year-olds believe the economy is getting worse. As for personal finances, 38% say they are in the same spot as last year, while 42% say they are worse off. The poll also found that 70% of respondents between ages 18-29 believe the U.S. is on the wrong track.

This makes sense given the current economic climate. The unemployment rate among young Americans is trending upward, and college graduates—even those with more practical degrees—are having a tougher time finding jobs as the labor market slows down. Meanwhile, the median price of a house hit a record high of $435,000 in June, further exacerbating affordability issues for young people.

Of course, this one poll is just a snapshot. Many economic trends, aside from tariffs and trade wars, are largely out of Trump’s control. But affordability and inflation remain the primary concerns for young Americans—and likely for many Americans who are not strictly partisan.

Broadly speaking, do young Americans really care about the federal government’s standoff against Antifa in Portland? Or about the Biden FBI’s “Arctic Frost” operation that targeted Republicans? Do they care about Letitia James being indicted for mortgage fraud? Probably not. Instead, they are more concerned about 30-year mortgage rates and whether they can even afford a home.

This is not to say these other issues aren’t important. The brewing Arctic Frost scandal may turn out to be one of the biggest controversies of Biden’s presidency, second only to issues surrounding his mental acuity and leadership. However, most young people—many of whom likely voted for Trump primarily due to frustration with Biden-era inflation—are unlikely to support an administration that spends too much energy on political scandals while economic alarm bells keep ringing.

There is a delicate balance to strike between pursuing an agenda that appeals to the president’s most die-hard supporters and tackling the biggest issue that arguably won him the White House in the first place: the economy. So far, the Trump administration has struggled to find that balance.
https://dailycaller.com/2025/10/31/donald-trump-support-young-americans-generations-gen-z-down-yougov-poll-economy-inflation/

CA Election: Everything you need to know about Prop 50

SAN FRANCISCO — On November 4, California voters will decide on Proposition 50, a measure that proposes changing the state’s congressional maps mid-decade. This statewide election carries significant national implications, as how California votes could influence which party controls Congress in 2026 and determine the nature of Californian representation in the nation’s capital.

**How Did We Get Here?**

Proposition 50 is part of a broader national battle over redistricting. Both Republicans and Democrats are seeking to gerrymander—or redraw—congressional districts to influence the outcome of next year’s midterm elections and ultimately decide which party will control the U.S. House of Representatives.

This political struggle gained momentum when former President Donald Trump urged Republican-led states, including Texas, to redraw their congressional maps in their favor. In response, California Governor Gavin Newsom announced a plan to strengthen Democratic influence, which led to a special election being called and Proposition 50 being placed on the ballot.

**What Will Proposition 50 Do?**

If passed, Proposition 50 would change California’s congressional districts for the 2026, 2028, and 2030 elections. This would temporarily override the state’s independent redistricting commission, which is currently responsible for drawing new maps after the 2030 census.

The new maps would alter the boundaries of several districts, particularly five currently held by Republicans. These new boundaries would include more registered Democratic voters, theoretically making it more difficult for Republicans to hold onto these seats and increasing the likelihood of Democrats gaining additional congressional seats.

This move counters Texas’ efforts, which are similarly targeted but aimed at five Democrats currently in office.

**What Are the Experts Saying?**

ABC7 News insider Phil Matier explained that the outcome of Proposition 50 is uncertain. He noted that Democrats alone may not be enough to secure a win.

“Even if every Democrat in the state voted for this, you’d still be short,” Matier said. “They’re going to need to bring in independents and some Republicans in order to get this over the line.”

**ABC News California Special Presentation on Proposition 50**

ABC News stations in California have been covering Proposition 50 extensively for months. To provide a comprehensive view, they have compiled some of their best and most in-depth reports into a 30-minute streaming special that explores all angles of the issue.

You can stream this special on demand wherever ABC News content is available in California.
https://abc7.com/post/prop-50-california-election-results-gerrymandering-gavin-newsom-donald-trump/18087539/

North Korea’s top diplomat meets with Putin on a visit to Russia

MOSCOW (AP) — North Korea’s top diplomat visited the Kremlin on Monday for talks with Russian President Vladimir Putin, following last month’s meeting between the two countries’ leaders. This visit highlighted a show of deepening ties, coming as U.S. President Donald Trump visits Asia.

In a separate meeting with her Russian counterpart, North Korean Foreign Minister Choe Son Hui confirmed North Korea’s “unwavering understanding and support” for Putin’s war against Ukraine, North Korean state media reported Tuesday.

In recent months, North Korea has sent thousands of troops and large quantities of military equipment to Russia to support its war effort. This growing alignment underscores leader Kim Jong Un’s increasingly assertive foreign policy as he seeks to break out of isolation and position his country as part of a united front against the U.S.-led West.

North Korea has shunned any form of talks with Washington and Seoul since Kim’s high-stakes nuclear diplomacy with Trump collapsed in 2019 during the American president’s first term.

Putin and Kim met in Beijing last September after attending a major military parade in the Chinese capital, marking the 80th anniversary of the end of World War II. During Monday’s talks, Putin asked North Korean Foreign Minister Choe Son Hui to convey his best wishes to Kim, noting that they had a very warm meeting, according to his televised remarks.

Before attending the Kremlin meeting with Putin, Choe held talks with Russian Foreign Minister Sergey Lavrov. Lavrov once again praised North Korean troops for fighting alongside the Russian military in the Kursk region after a surprise Ukrainian incursion.

“These heroic deeds will, of course, further strengthen the bonds of friendship and historical unity in our shared struggle for justice,” Lavrov said.

Choe noted “considerable progress” in relations between North Korea and Russia and confirmed Pyongyang’s support for “all measures” taken by Russia to defend its security interests and “eliminate the root cause” of its conflict with Ukraine, according to Russian and North Korean media reports.

North Korea’s official Korean Central News Agency (KCNA) stated that Russian officials expressed Moscow’s support for all of Pyongyang’s efforts to “firmly defend its current status, security interests, and sovereign rights” during their meeting with Choe.

The two sides discussed expanding high-level exchanges and cooperation, as well as coordinating their diplomacy on unspecified “major issues of mutual concern,” KCNA said.

According to South Korean assessments, North Korea has sent around 15,000 troops to Russia since last fall, along with large quantities of military equipment, including artillery and ballistic missiles, to support Moscow’s military action in Ukraine. Kim has also agreed to send thousands of military construction workers and deminers to Russia’s Kursk region.

Since the collapse of his diplomacy with Trump in 2019 due to disagreements over U.S.-led economic sanctions, Kim has focused on expanding the capabilities of his nuclear-armed military.

Last month, Kim suggested he could return to talks if Washington drops its demand for North Korea’s denuclearization, after Trump repeatedly expressed hopes for new diplomacy.

___

Associated Press writer Kim Tong-hyung contributed from Seoul, South Korea.
https://wtop.com/world/2025/10/north-koreas-top-diplomat-meets-with-putin-on-a-visit-to-russia/

Eric Swalwell’s Trump Derangement Syndrome Reaches New Heights with 2028 Pledge Demand [WATCH]

Rep. Eric Swalwell, D-Calif., is making a bold call to future Democratic presidential candidates: pledge to destroy President Donald Trump’s newly constructed White House ballroom if elected.

“Don’t even think of seeking the Democratic nomination for president unless you pledge to take a wrecking ball to the Trump Ballroom on DAY ONE,” Swalwell wrote on X on Saturday. His post quickly drew attention amid ongoing debate over Trump’s redesign and expansion of parts of the White House complex.

For the first time in the building’s history, the White House will include a formal ballroom, constructed on the site of the former East Wing. Announced by White House press secretary Karoline Leavitt on July 31, the addition marks one of the largest structural projects ever undertaken at the executive residence.

Leavitt explained that the 90,000-square-foot ballroom will be able to host about 650 seated guests and is designed to match the White House’s neoclassical style. “The White House is currently unable to host major functions honoring world leaders in other countries without having to install a large and unsightly tent approximately 100 yards away from the main building’s entrance,” she stated. Leavitt added that the new facility would be “a much-needed and exquisite addition.”

Construction began earlier this month and is expected to continue through 2026. The total cost is estimated at $250 million, fully financed by President Trump and private donors, according to officials. As crews began clearing sections of the East Wing, images of demolition circulated widely online.

The project has sparked both praise and criticism. Supporters call it an investment in American hospitality and tradition, while opponents accuse the president of altering a historic landmark.

Beyond the ballroom, several other changes have been introduced across the White House grounds. The Oval Office and Cabinet Room now feature gold accents, and the Rose Garden lawn has been updated with new stone pavers. Two 88-foot flagpoles have been installed near the North Lawn, visible from Pennsylvania Avenue.

Additionally, a monument titled the “Arc de Trump” is under construction near the South Portico. A “walk of fame” display now includes portraits of past presidents. Among them is a photograph of the autopen that signed documents during Joe Biden’s tenure—an inclusion that has drawn attention from visitors and staff alike.

White House officials emphasize that none of these upgrades require taxpayer funding. Leavitt confirmed that all contributions are privately sourced and approved through the same commission process used for prior renovations.

While the ballroom’s completion is still months away, it has already become a centerpiece of political discussion in Washington. Swalwell’s call for Democrats to campaign on demolishing the addition highlights how the construction has evolved from an architectural project into a partisan talking point ahead of the 2028 election cycle.

Intended to host state dinners, summits, and ceremonial events traditionally held offsite due to space limitations, the ballroom will become one of the largest enclosed venues within the White House complex once finished. According to officials, it is expected to remain a permanent fixture unless a future administration chooses otherwise.
https://www.lifezette.com/2025/10/eric-swalwells-trump-derangement-syndrome-reaches-new-heights-with-2028-pledge-demand-watch/

Trump: U.S.-China trade deal, TikTok sale likely this week

President Donald Trump announced that a trade agreement with China and a final deal for TikTok (BDNCE) could be reached this week.

He is scheduled to meet Chinese President Xi Jinping on Thursday in South Korea to discuss these important matters.

“I’ve got a lot,” Trump said, indicating progress on the negotiations. Further details are expected following the meeting.
https://seekingalpha.com/news/4508490-trump-us-china-trade-deal-tiktok-sale?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news

Asian shares gain as Trump says he expects a trade deal with China

**Asian Shares Rally as U.S. Futures Jump; Japan’s Nikkei 225 Tops 50,000 for the First Time**

*BANGKOK (AP)* — Asian shares surged and U.S. futures climbed on Monday, buoyed by strong performances from Japan’s benchmark Nikkei 225, which surpassed the 50,000 mark for the first time in history. Positive developments in trade relations between the U.S., China, and other major trading partners contributed to the upbeat market sentiment.

U.S. President Donald Trump visited Malaysia for a summit with Southeast Asian nations, where he reached preliminary trade agreements with Malaysia, Thailand, Cambodia, and Vietnam. Meanwhile, a trade deal between the United States and China appeared closer to fruition. Officials from both of the world’s largest economies announced on Sunday that they had reached an initial consensus, setting the stage for Trump and Chinese leader Xi Jinping to work toward finalizing the deal during a high-stakes meeting later in the week.

“This isn’t just photo-op diplomacy. Behind the showmanship, Washington and Beijing’s top trade lieutenants have quietly mapped out a framework that might, just might, keep the world’s two largest economies from tearing up the field again,” said Stephen Innes of SPI Asset Management in a commentary.

Following Malaysia, Trump was scheduled to visit Japan before concluding his Asian tour in South Korea, where he is expected to meet Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum.

A report released Monday by the APEC secretariat forecast that annual growth in the Pacific region will slow to 3% this year from 3.6% last year, partly due to trade restrictions and higher tariffs.

### Japan’s Market Rally

In Japan, newly installed Prime Minister Sanae Takaichi enjoys high levels of public support for her market-friendly policies. The Nikkei 225 index climbed 2.1% to 50,329.08, hitting record intraday highs. Takaichi, Japan’s first female prime minister, favors raising defense spending, boosting stocks of major defense contractors such as Kawasaki Heavy Industries, which rose 8.7%. Other defense-related companies also gained, with IHI Corp. up 2.6% and Hitachi increasing 2.7%.

Trump has frequently criticized Japan for restricting access to its auto market, citing it as one justification for imposing tariffs of 25%—later reduced to 15%—on Japan, one of America’s most vital Asian allies. In response, the Japanese government has proposed purchasing a fleet of Ford F-150 trucks for inspecting roads and infrastructure, signaling openness to U.S. products.

### Gains Across Asia-Pacific Markets

South Korea saw shares surge as well, with the Kospi rising 2% to a record 4,018.73. Investors are optimistic about a possible trade agreement with the United States. Chinese markets also posted solid gains: Hong Kong’s Hang Seng increased by 1% to 26,427.34, and the Shanghai Composite rose 1% to 3,991.35.

In Australia, the S&P/ASX 200 picked up 0.3% to 9,047.40, while Taiwan’s Taiex gained 2.1%, and India’s Sensex was up 0.5%.

### U.S. Stocks Hit Records

On Friday, U.S. stocks reached record highs after inflation data proved less severe than anticipated. The S&P 500 rose 0.8% to 6,791.69, surpassing its previous all-time high set earlier this month. The Dow Jones Industrial Average rallied 1% to 47,207.12, and the Nasdaq composite climbed 1.1% to a record 23,204.87.

The encouraging inflation figures suggest less financial strain for lower- and middle-income households grappling with high price increases. More importantly for Wall Street, the data may clear the way for the Federal Reserve to continue cutting interest rates to support a slowing job market.

The Fed cut its main interest rate last month for the first time this year but has so far been cautious about additional cuts due to concerns that lower rates might exacerbate inflation.

Most large U.S. companies reported stronger-than-expected profits last quarter, further raising hopes for steady economic growth.

### Commodities and Currency Movements

Early Monday trading saw U.S. benchmark crude oil rise 15 cents to $61.65 per barrel, while Brent crude, the international standard, increased 12 cents to $65.32 per barrel. The U.S. dollar strengthened against the Japanese yen to 153.15 from 152.85 yen. Conversely, the euro slipped to $1.1622 from $1.1636.
https://wtop.com/world/2025/10/asian-shares-gain-japans-nikkei-tops-50000-level-as-trump-seeks-trade-deals/

Some lawmakers demand salaries withheld until federal workers get paid

WASHINGTON — Some members of Congress are requesting that their salaries be withheld during the ongoing government shutdown, while federal workers on Friday missed their first full paycheck since many operations closed on October 1.

With no progress toward a deal to end the shutdown, the House remained on a prolonged break from Capitol Hill, the Senate adjourned for its usual long weekend, and President Donald Trump prepared to depart for a trip to China. During this trip, the president is expected to focus more on foreign policy and tariffs than on the funding lapse.

**Lawmakers Continue to Receive Paychecks**

Unlike the approximately 2 million civilian federal employees and thousands of legislative branch staffers affected by the shutdown, the president, members of Congress, and federal judges continue to receive their regular paychecks.

Members of Congress earn $174,000 annually, with leadership earning higher salaries. Active duty military personnel would normally miss their paychecks during a shutdown, but the Department of Defense recently reprogrammed $8 billion to avoid missed paydays for U.S. troops. It remains unclear if the Pentagon can extend this funding through the next payday on October 31.

**Options for Congressional Pay During Shutdown**

Members of Congress have several options during this shutdown: they may receive their pay as usual, donate their salaries to charity, return the money to the Treasury, or choose to have their checks withheld.

On Thursday evening, Rhode Island Democratic Rep. Gabe Amo shared a letter from House Chief Administrative Officer Catherine L. Szpindor confirming that House members’ salaries can be withheld until the funding lapse ends. Szpindor stated that legal requirements, including the 27th Amendment, entitle members to their pay, and any lawmaker whose salary is withheld can request payment at any time. Szpindor did not respond to requests for further comment.

A spokesperson for Ohio Republican Sen. Jon Husted confirmed that, although senators are required to be paid, his paycheck can be withheld at his request. The Senate disbursing office will continue to prepare the check, but Husted will not collect it until after government funding is restored. The spokesperson added that Husted believes members of Congress should not receive their salaries on time when other federal workers do not.

In another instance, a Senate staffer, speaking on background, reported that one senator’s salary was switched from direct deposit to a physical paycheck so it could be held by the disbursing office during the shutdown, at that senator’s request.

Among members who have requested their salaries to be withheld are Colorado Democratic Sen. Michael Bennet, Florida Republican Rep. Kat Cammack, New Jersey Democratic Sen. Andy Kim, Oklahoma Republican Rep. Stephanie Bice, and Oregon Democratic Rep. Janelle Bynum.

Spokespersons for President Trump and House Speaker Mike Johnson, R-La., did not respond to inquiries about whether they are having their salaries withheld. A spokesperson for Senate Majority Leader John Thune, R-S.D., stated that he is having his paycheck held back.

**Legal Considerations Regarding Lawmakers’ Salaries**

Congress has voted on several occasions to officially withhold members’ salaries during shutdowns, but none of these bills have become law.

Questions have arisen in past funding lapses about the legality of withholding lawmakers’ pay. The nonpartisan Congressional Budget Office (CBO) wrote in a letter to Iowa Republican Sen. Joni Ernst shortly before the shutdown began that member pay “is required by the Constitution and is considered mandatory spending.”

“Thus, Members of Congress would continue to be paid during a lapse in discretionary appropriations,” wrote CBO Director Phillip L. Swagel.

This aligns with a report from the Congressional Research Service (CRS), also nonpartisan and updated in August, which states that “Members of Congress continue to receive their pay during a lapse in appropriations for a number of reasons.”

According to the CRS report, lawmaker salaries “have been provided by a permanent, mandatory, appropriation since 1981.”

The U.S. Constitution (Article I, Section 6, Clause 1) states: “Senators and Representatives shall receive a Compensation for their Services, to be ascertained by Law, and paid out of the Treasury of the United States.”

Additionally, the 27th Amendment declares: “No law, varying the compensation for the services of the Senators and Representatives, shall take effect, until an election of Representatives shall have intervened.”

The CRS report also cites the Government Accountability Office’s principles of federal appropriations law, noting that “The salary of a Member of Congress is fixed by statute and therefore cannot be waived without specific statutory authority.”

However, the report points out that lawmakers can accept their salary and subsequently donate all or part of it back to the Treasury.

**No Options and No Paychecks for Federal Employees**

Federal employees who work for members of Congress or within departments and agencies across the executive branch do not have the option to withhold their paychecks.

These workers must go without pay until Congress and the president reach an agreement to fund the government and end the shutdown.

Any employee involved in national security, or the protection of life or property, is considered exempt and continues working during the shutdown. Other federal employees are placed on furlough.

On Thursday, the Senate failed to advance multiple bills that would have provided pay to some federal employees and contractors during the shutdown.

Absent new congressional action, both exempt and non-exempt federal workers are slated to receive back pay under a 2019 law once the government reopens. However, President Trump and administration officials have cast doubt on whether executive branch employees will receive such back pay.

The House Committee on Administration states that all employees working within the legislative branch will receive back pay once a funding bill becomes law.

The committee’s guidance explains: “Neither essential nor furloughed employees are authorized to receive compensation during a lapse in government funding.”

“Federal law statutorily requires retroactive pay for furloughed and essential employees following the end of a lapse in government funding,” it adds.

*This article will be updated as more information becomes available.*
https://www.rawstory.com/some-lawmakers-demand-salaries-withheld-until-federal-workers-get-paid/

Trump Nominates Michael Selig as New CFTC Chair

U.S. President Donald Trump has chosen Michael Selig as the chair of the Commodity Futures Trading Commission (CFTC), according to Bloomberg reports on Friday. This nomination replaces his previous nominee, Brian Quintez, following pressure from Tyler and Cameron Winklevoss, founders of Gemini.

### Selig as the New CFTC Chair

Michael Selig currently serves as chief counsel for the U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force and Senior Advisor to SEC Chairman Paul Atkins. Before joining the SEC, Selig was a partner at the law firm Willkie Farr & Gallagher LLP, where he specialized in asset management and digital assets regulation.

Selig’s extensive background positions him well to promote greater coordination between the SEC and CFTC, two key agencies overseeing financial markets. This nomination is closely tied to the implementation and impact of the CLARITY and GENIUS Act, which are expected to shape crypto regulation.

With Selig at the helm of the CFTC, he will have direct influence on how major cryptocurrencies and tokenized assets are regulated in practice. He is expected to leverage his cross-agency experience to harmonize regulatory frameworks related to spot crypto trading, tokenized collateral, and investor protections. These efforts are likely to advance institutional confidence in regulated digital assets.

### Industry Reaction

Earlier this month, when Selig emerged as the leading candidate for CFTC Chair, Jake Chervinsky, chief legal officer at the Variant Fund, described the development as a pivotal moment for U.S. crypto policy. He said:

> “There’s nothing more important for crypto policy than the White House nominating a new CFTC chair, and nobody better than Mike Selig for the job. I’ve had the honor of knowing Mike for years, and he’s the real deal: a brilliant lawyer and proven leader perfect for this role.”

Chervinsky also praised Selig as a trustworthy and skilled lawyer with proven leadership experience, qualities that could help stabilize and advance crypto oversight in a positive and more predictable manner.

### What’s Next? Senate Vote

Following President Trump’s nomination, Selig must be approved by the U.S. Senate before officially taking office. The confirmation process involves a hearing before the Senate Agriculture Committee, which typically handles CFTC nominations.

During the hearing, Selig will likely face questions regarding his qualifications and his stance on current U.S. regulations. If he receives Senate approval, Selig can officially begin his term as Chair of the Commodity Futures Trading Commission.
https://coinpedia.org/news/trump-nominates-michael-selig-as-new-cftc-chair/

Is Trump’s pardon of Binance boss Changpeng Zhao a conflict of interest?

**Trump Pardons Binance Founder Changpeng Zhao Amid Controversy**

US President Donald Trump has pardoned Binance founder Changpeng Zhao, creator of the world’s largest cryptocurrency exchange. Zhao had been imprisoned last year for failing to prevent criminals from using his platform to launder money linked to child sex abuse, “terrorism,” and drug trafficking.

White House press secretary Karoline Leavitt said on Thursday that Trump had “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”

### Background on Zhao’s Conviction

Zhao was released from prison in September 2024 after serving a four-month sentence for violating the US Bank Secrecy Act, the first person ever imprisoned under this law, which was enacted in 1970. The act mandates that financial institutions know their customers, monitor transactions, and file reports of suspicious activity.

Prosecutors stated Zhao repeatedly ignored these regulations between 2017 and 2024. The judge for the Western District of Washington expressed concern over Zhao’s disregard for US banking rules, noting his “better to ask for forgiveness than permission” approach.

During this period, Binance reportedly facilitated over 1.5 million virtual currency trades totaling approximately $900 million that violated US laws and sanctions, including those related to al-Qaeda and Iran. Drug trafficking networks and organizations linked to child sexual exploitation allegedly used Binance to move illicit funds anonymously. Binance’s weak customer verification and tolerance of high-risk transactions made it a hub for illegal activities, prosecutors claimed.

In November 2023, Zhao pleaded guilty to one count of failing to monitor money laundering at his company and was barred from operating within the US. Binance agreed to pay $4.3 billion to settle other Department of Justice allegations.

At sentencing, Zhao expressed remorse, stating: “I failed here. I deeply regret my failure, and I am sorry.”

### Zhao’s Background and the Impact of the Pardon

Zhao grew up in rural China and emigrated with his family to Canada after the 1989 Tiananmen Square massacre. Fascinated by technology, he studied computer science at McGill University before cofounding Binance in 2017.

The pardon lifts restrictions preventing Zhao from running US ventures again and could pave the way for his return to Binance, which remains operational since his arrest. Zhao is notably known as the former rival of Sam Bankman-Fried, founder of FTX, who was convicted of stealing $10 billion in customer funds.

### Why Did Trump Pardon Zhao?

At a White House briefing, Trump defended his decision, stating, “A lot of people say that he wasn’t guilty of anything. He served four months in jail, and they say that he was not guilty of anything.” Trump added, “I gave him a pardon at the request of a lot of very good people… I’ve been told that what he did is not even a crime.”

Press secretary Leavitt said the White House counsel thoroughly reviewed the pardon request. She criticized the Biden administration for “an egregious over-sentencing” and being “very hostile to the cryptocurrency industry.” According to Leavitt, Trump “wants to correct this overreach.”

### Trump’s Approach to Cryptocurrency Industry

During his 2024 presidential campaign, Trump promised a friendlier stance toward the crypto industry compared to his predecessor. He received substantial campaign donations from crypto players.

Since returning to office in 2025, Trump has loosened regulations, pursued the establishment of a national cryptocurrency reserve, and disbanded the government’s crypto-enforcement team.

Zhao’s pardon follows similar clemency moves, including the halting of a fraud case against cryptocurrency entrepreneur Justin Sun and pardons for BitMEX cofounders convicted of violating the US Bank Secrecy Act.

However, some voices have raised concerns. Joe Lonsdale, cofounder of data software company Palantir, tweeted that Trump had been “terribly advised” on recent pardons, suggesting they “make it look like massive fraud is happening around him.” Democratic Senator Elizabeth Warren condemned the pardon as “a kind of corruption.”

### Allegations of Conflict of Interest

Critics argue there is a conflict of interest in Trump’s pardon of Zhao. Robert Reich, economist and former Labor Secretary, called it part of a “Pay-to-Pardon Scheme,” highlighting Zhao’s ties to boosting the Trump family’s crypto business.

Trump and his family own World Liberty Financial, a crypto firm closely linked to Binance. In March 2025, World Liberty launched “USD1,” a dollar-pegged stablecoin backed by US treasuries and issued on Binance’s blockchain.

Binance promoted USD1 to its 275 million users. The stablecoin was supported by the UAE’s MGX Fund Management, which used $2 billion worth of USD1 tokens to acquire a stake in Binance. According to the New York Times, this deal could generate tens of millions for the Trump family.

The White House maintains that Trump has no conflicts of interest with Binance, as his crypto assets are held in a trust without his oversight. However, as of September, Trump reportedly holds nearly 15.75 billion tokens in World Liberty Financial, valued at over $3.4 billion, making crypto his most significant source of wealth, alongside real estate.

### Market Reaction

Following Trump’s announcement of the pardon, Binance’s associated token BNB surged by 8 percent, reflecting investor optimism.

**Related Stories:**

– Trump pardons Binance cryptocurrency founder Changpeng Zhao
– Trump says newly signed crypto law will establish ‘American dominance’
– US House sends crypto ‘GENIUS Act’ to Trump, in win for industry advocates
– What is the US’s Crypto Week? Why has Bitcoin hit a record high?

*This article will be updated as more information becomes available.*
https://www.aljazeera.com/news/2025/10/24/is-trumps-pardon-of-binance-boss-changpeng-zhao-a-conflict-of-interest?traffic_source=rss

Trump’s CZ pardon draws fury from Maxine Waters over ‘pay-to-play’ crypto ties

United States Representative Maxine Waters has strongly criticized former US President Donald Trump for his decision to pardon Binance founder and former CEO Changpeng “CZ” Zhao.

Trump pardoned Zhao on Thursday, stating that people told him “what he did is not even a crime.” Waters, the top Democrat on the House Committee on Financial Services, responded later that day with a sharp rebuke. In a statement, she claimed, “Trump is doing massive favors for crypto criminals who have helped line his pockets.”

Waters continued, “Trump’s pardon of Binance founder Changpeng Zhao—who pleaded guilty to enabling money laundering and facilitating suspicious transactions with child abusers, drug dealers, and terrorists—is an appalling but unsurprising reflection of his presidency.”

According to Trump, his decision to pardon Zhao followed advice from “a lot of people” who told him CZ was not guilty. “It wasn’t a crime; he was persecuted by the Biden Administration,” Trump asserted.

### Waters Disagrees

Maxine Waters further accused CZ of lobbying Trump and his family for months while funneling billions into Trump’s personal crypto company, World Liberty Financial. She insisted that the pardon was a direct result of these efforts and called it “a blatant example of the kind of pay-to-play corruption that Trump and his Administration continue to engage in.”

These statements come amid recent reports highlighting an extraordinary rise in Trump’s personal wealth during what would have been his second term in office. This wealth increase has been driven, in part, by a sprawling cryptocurrency empire linked to the president and his family.

### Trump Family’s Crypto Ventures

The Trump family’s crypto ventures are reported to have generated more than $1 billion in pre-tax profit over the past year. The family does not shy away from this fact; Trump’s son, Eric Trump, even claimed that their actual profits were “probably more.”

### World Liberty Financial’s Success

World Liberty Financial (WLFI), named by Waters, is at the center of this new wealth. The decentralized finance (DeFi) company was founded by Trump’s sons and close associates. It has sold billions of dollars in tokens and stablecoins, bolstering the family’s crypto fortune.

Back in June, Trump disclosed $57.4 million in income derived from his involvement with World Liberty Financial. In the following month, the family’s stake in WLFI surged to $5 billion after a token unlock. More recent estimates suggest that the family’s earnings from WLFI this year alone have reached approximately $550 million.

*Related: Polymarket bets that Sam Bankman-Fried gets pardon surge to 12%*
*Related: Crypto execs fork over cash at Trump’s ballroom fundraiser*
https://cointelegraph.com/news/trump-accused-of-rewarding-crypto-criminals-after-pardoning-binance-s-cz?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound