On a recent Sunday evening, President Trump sat for an extended “60 Minutes” interview. As the conversation wound down, a topic close to many of our digital hearts came up: cryptocurrency. The president made it clear where he stands, and where he sees America’s place in this rapidly growing industry.
- President Trump asserted that the U.S. is the global leader in cryptocurrency, attributing this position to his presidency. He expressed a desire to maintain this lead and prevent other nations, such as China, from surpassing the U.S. in this significant industry.
- The article details President Trump’s evolving stance on cryptocurrency, noting his sons’ involvement in various crypto projects and an estimated $1 billion profit for the Trump family from these activities. It also highlights his administration’s policy shifts, including the dismissal of lawsuits against major crypto entities.
- The pardon of Binance co-founder Changpeng “CZ” Zhao is discussed, along with allegations of potential corruption and the appearance of impropriety due to financial dealings between Trump-affiliated entities and Binance. President Trump dismissed concerns about such appearances during his interview.
“We’re number one in crypto in the whole world,” President Trump told CBS reporter Norah O’Donnell. He added, “Other people wanna be. They’re fighting like hell to be. But we’re number one in crypto because I’m the president.” It’s a bold claim, one that certainly gets attention in the crypto space.
He emphasized a desire to keep that lead. “I don’t want China or anybody else to take it away,” he said, calling it a “massive industry.” For anyone watching the global race for digital asset leadership, these words carry weight.
President Trump also took a moment to critique President Joe Biden’s approach. He suggested President Biden changed his stance on crypto late in his reelection campaign, hoping for votes. “It didn’t work. They voted for me,” President Trump stated.
His own view on crypto has shifted over time. In the spring of 2024, President Trump changed his opinion on the industry. Now, his three sons, Donald Jr., Eric, and Baron, are all involved in crypto projects.
The family’s interest isn’t just theoretical. The Financial Times recently estimated the Trump family has profited over $1 billion from their various crypto activities. These range from bitcoin mining operations to memecoins, showing a broad engagement with the digital asset world.
Policy Shifts and Notable Pardons
Once in office, President Trump quickly moved to shape the crypto landscape. He signed several executive orders. One aimed to create a working group for digital asset policy, a clear signal of intent.
Another order sought to establish a U.S. Strategic Bitcoin Reserve and Digital Asset Stockpile. This idea suggests a future where digital assets play a role in national reserves, a concept many in crypto have discussed for years.
His administration, particularly the U.S. Securities and Exchange Commission (SEC), also changed its approach to some crypto entities. Lawsuits against companies like Coinbase, Gemini, OpenSea, and Uniswap were dismissed. This move signaled a different regulatory wind blowing through the industry.
Beyond policy shifts, President Trump also used his clemency powers in ways that caught the crypto world’s eye. Early in his second term, he issued an executive grant of clemency to pardon Ross Ulbricht. Ulbricht, the creator of Silk Road, had been serving multiple life sentences.
Then, last month, President Trump pardoned Changpeng “CZ” Zhao, the co-founder of Binance. Zhao had pleaded guilty in 2023 to failing to maintain an effective anti-money laundering program. He had served four months in prison before his release in September 2024.
President Trump and his administration claimed Zhao was “persecuted” by the Biden administration. President Trump doubled down on this idea during his “60 Minutes” interview. “I don’t know who he is. I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt,” he said.
The CZ Pardon and Its Echoes
The pardon of CZ brought with it some interesting connections. Earlier this year, The Wall Street Journal reported that Trump-supported World Liberty Financial had discussed buying a stake in Binance.US. This report came amid claims that Zhao was seeking a presidential pardon.
World Liberty, for its part, dismissed the Wall Street Journal report as politically motivated. But the timing certainly raised eyebrows. Just six weeks later, Abu Dhabi–based MGX announced it would use World Liberty’s USD1 stablecoin in a $2 billion deal with Binance.
During the “60 Minutes” interview, CBS’s Norah O’Donnell asked President Trump directly if he was concerned about the appearance of corruption. It’s a fair question, given the sequence of events and the financial interests involved.
President Trump’s response was direct. “I can’t say, because — I can’t say — I’m not concerned,” he stated. He then reiterated his earlier point about America’s crypto standing. “We’re number one in crypto in the whole world. Other people wanna be. They’re fighting like hell to be. But we’re number one in crypto because I’m the president.”
The ripples from the CZ pardon continue to spread. Zhao’s lawyer has demanded an “immediate retraction” from Senator Elizabeth Warren over remarks she made after the pardon. Zhao is even reportedly considering a libel lawsuit against her.
These events show how deeply crypto is now woven into the fabric of politics and finance. From executive orders to high-profile pardons, the actions of leaders directly shape the industry’s path. It makes you wonder what other surprises might be waiting around the corner.
