Filenews 28 November 2025
By Dan Alexander
Shortly after Donald Trump pardoned the richest cryptocurrency man, Changpeng Zhao, the president was asked to answer questions about whether his personal financial interests influenced his decision, given that a deal in May with Zhao's company helped increase Trump's net worth by hundreds of millions of dollars. "I don't know him — I don't think I've ever met him," the president said. "He had a lot of support. And they say that what he did is not even a crime." It doesn't matter that Zhao himself pleaded guilty to failing to protect his platform's system from money laundering.
Liz Oyer, in charge of the Clemency Office at the Department of Justice until March, concluded: "Trump has created a pardon system in return." Other investors and cryptocurrency companies, facing legal problems, seem to have seen the opportunity. Some of them donated to Trump's political groups, partnered with the president's cryptocurrency businesses, and invested in his companies as the government made decisions on legal issues affecting their companies. All of this put the president in a favourable position with an industry full of people eager to help the presidential family expand its activities in the crypto industry.
The White House receives so many questions about conflicts of interest in the cryptocurrency market that it has compiled a list of "ready-made" answers for journalists. "Neither the president nor his family have ever been, nor will ever be, involved in a conflict of interest," press secretary Karoline Leavitt commented on Monday. "The administration is delivering on the president's promise to make the United States the crypto capital of the world, promoting innovation and economic opportunity for all Americans."
It is easy for Trump's staff to put aside the moral issue, since the Republicans control Congress. Trump's opponents are eager to investigate the president's finances if they regain control of the House in the midterm elections. "We will use every investigative and legislative tool at our disposal to restore accountability and integrity to the government," a Democratic spokesman on the House Judiciary Committee said. "We will require those involved in these corruption cases, including those assisting them, to appear before the Commission to answer questions and submit documents."
This warning puts cryptocurrency companies in a difficult position. Throwing money at Trump may make life easier for them in the short term, but in the future they may go through scrutiny. Let's see which individuals and corporate entities associated with Trump are garnering the interest of Congress.
Changpeng Zhao
Despite a fortune of $79 billion, Changpeng "CZ" Zhao "had it badly" since he was in prison and his company, Binance, had to pay $4.3 billion to the Department of Justice. Zhao applied for a pardon in the spring. Around the same time, his business relations with Trump strengthened. Binance employees reportedly helped Trump's cryptocurrency business, World Liberty Financial, get it started. World Liberty co-founder Zach Witkoff reported in May that an Abu Dhabi fund planned to invest $2 billion to Binance using a World Liberty stablecoin. Mainly thanks to this agreement, Forbes estimates the president's stake in World Liberty at $235 million.
Coinbase
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase in 2023, arguing that it operated as an unregistered brokerage company and exchange The company challenged the lawsuit in court, partially winning the case, and then appealed to the Court of Appeals. In the midst of all this, Coinbase donated $1 million to Trump's inauguration committee. A month after the chairman took office, the SEC dropped the lawsuit. Coinbase has cut another check for the ballroom Trump is building at the White House. As a director of the company admitted, this move was aimed at maintaining good relations with Washington. When asked in October who he turns to for help with cryptocurrency issues, Trump's eldest son, Eric, quoted the CEO of Coinbase. "I have great respect for Brian Armstrong and what he has created," Eric said. "A wonderful American story. A wonderful American company".
Crypto.com
In August 2024, the SEC threatened to take action against Crypto.com for operating as an unregistered brokerage firm. In October, Crypto.com reacted by filing a lawsuit against the Securities and Exchange Commission. Two months later, with Trump ready to take over the presidency, the company dropped its lawsuit. It contributed $1 million at Trump's inauguration, and one of the company's lobbyists served as chairman of the financial committee. The Crypto.com announced an ETF offering partnership with the president's Trump Media and Technology Group in March. Three days later, Crypto.com announced that the SEC had closed its investigation. The partnership strengthened in the following months, with Trump Media raising a token of Crypto.com and Crypto.com promising to help the company expand into the prediction market.
Donald Wilson
In October 2024, the SEC accused a subsidiary of the Chicago-based company DRW Holdings of operating as an unregistered securities trader. Five months later, with Trump in office, the SEC withdrew its lawsuit. DRW founder Donald R. Wilson Jr. then bought $100 million worth of Trump Media shares. The agreement helped finance a €2 billion investment in bitcoin, which "drove" Trump Media to the stock market.
Justin Sun
The SEC has accused the Chinese billionaire of selling unregistered securities in 2023, with the help of some second-tier celebrities. The Securities and Exchange Commission claimed that Sun had driven up the value of cryptocurrencies through hundreds of thousands of fake sales, giving the impression that his cryptocurrencies were gathering large trading volumes. Sun denied the accusations and at the same time invested in the Trump family's cryptocurrencies. In particular, it placed 75 million. to World Liberty after the presidential election and pledged to buy Trump's memecoin worth $100 million. About a month after the chairman took office, the SEC asked the court to drop the case against Sun. The Chinese billionaire attended a dinner hosted by Trump in May at his golf club for the top holders of his memecoin.
Jesse Powell
Kraken co-founder donated $1 million to Trump in June 2024. By revealing his donation through the X platform, Powell took aim at former SEC Chairman Gary Gensler, who had brought a series of charges against the Kraken. Powell's post concluded with a wish: "#freeross," a reference to Ross Ulbricht, the mastermind of the Silk Road who was sentenced to life in prison for running the first network for trading drugs, weapons and other illegal products on the dark web, trading cryptocurrencies. Trump pardoned Ulbricht a day after his return to the White House. The SEC withdrew its lawsuit against Kraken two months later. A Kraken spokesman implied that the company was willing to fund both Republican and Democratic candidates: "Cryptocurrencies are not partisan in nature," he said.
Ripple
Perhaps it is the company that has been most affected by the revision of Trump's attitude towards cryptocurrencies. In December 2020, the SEC under the Trump administration took action against the company, accusing it of selling digital assets as unregistered securities to investors. Ripple, which once rented offices in a building owned by Trump, donated $5 million in the fund for the inauguration of the president. In August, the Trump administration withdrew its appeal in the case, although Ripple still had to pay a fine of $125 million.
Robinhood
The SEC informed Robinhood in May 2024 that it planned to take enforcement action regarding the company's cryptocurrency practices. Robinhood donated $2 million. to Trump's inauguration fund. "I express my disappointment and general feeling that the [Biden] administration and the SEC have taken the wrong direction toward an unregulated regulation through enforcement, an open war against the cryptocurrency industry in America," Robinhood CEO Vlad Tenev commented speaking on Fox Business. A month after the chairman took office, the SEC informed Robinhood that the investigation had been closed. Since Trump's election, Robinhood stock has run a dizzying 300% rally. A company spokesman said he did not believe there was a connection between the donation for Trump's inauguration and the SEC's decision.
Roger Ver
In February 2024, the Department of Justice charged Ver, also known as "Bitcoin Jesus," with fraud, tax evasion, and filing a false tax return. Almost a year later, Ver posted a video in which he said Spanish authorities could extradite him to the US at any time and sentence him to up to 109 years in prison. "Please, Donald Trump," he pleaded in the video, adding the president to X, "I need your help." Ver also sought help from Trump's allies, hiring Roger Stone as a lobbyist for $600,000. The Justice Department announced last month that Ver admitted to tax evasion of $17 million. from Bitcoin sales and came to an agreement to pay $50 million to stop the criminal prosecution against him.
Uniswap
Uniswap helps cryptocurrency investors trade without using a traditional exchange. However, the SEC appeared to consider that it was actually an unregistered exchange, announcing the implementation of enforcement measures in April 2024. Meanwhile, the Commodity Futures Trading Commission (CFTC) ruled that Uniswap misacted as an exchange, fining it $175,000. When Trump won the election, Uniswap founder Hayden Adams donated $246,000 to the president's inauguration fund. Trump chose a CFTC commissioner who disagreed in the Uniswap case to lead the committee. "She's going to be extraordinary," Adams commented on the day she took office. The SEC closed its investigation into Uniswap a month after the start of Trump's second term. "This is a donation to a swearing-in committee — not to a candidate, not to a political party, not to a PAC," a Uniswap spokesperson said, rejecting any suspicion of a connection between the donation and the SEC's decision.
Yuga Labs
The SEC has also launched an investigation into Yuga Labs. The company's Bored Ape NFTs were a great success in 2021. The issue was whether NFTs, which Trump sold during his non-tenure years, could qualify as securities. Yuga donated $100,000 to Trump's swearing-in committee. Less than two months into the start of the chairman's second term, Yuga announced on X: "After just over 3 years, the SEC has officially closed its investigation into Yuga Labs. It's a huge win for NFTs and all the creators who promote our ecosystem."
