1. Promote and write code for Trump’s stablecoin.
2. SEC drops its Binance lawsuit.
3. Get a Trump pardon.
@wsj.com
www.wsj.com/finance/curr…— Carl Quintanilla (@carlquintanilla.bsky.social) October 23, 2025 at 11:18 AM
===
Trump rewarded Changpeng Zhao, a business partner who boosted his crypto venture, with a pardon for crimes that Zhao pleaded guilty to.
Trading presidential favors for self-interest.
You can’t get more classically corrupt than this.— Ahmed Baba (@ahmedbaba.bsky.social) October 23, 2025 at 2:16 PM
===
Breaking News: President Trump pardoned the billionaire founder of the cryptocurrency exchange Binance, Changpeng Zhao. Zhao admitted in 2023 to money-laundering violations that allowed terrorists, drug traffickers and other criminals to move money on the platform. nyti.ms/3J9mazz
— The New York Times (@nytimes.com) October 23, 2025 at 12:18 PM
“Trump Pardons Founder of the Crypto Exchange Binance” [Gift link]:
President Trump granted a pardon to Changpeng Zhao, the billionaire founder of the cryptocurrency exchange Binance, wiping away one of the U.S. government’s most significant crackdowns on crypto crime.
Mr. Zhao had pleaded guilty to money-laundering violations in 2023 and served four months in federal prison, after a yearslong investigation by financial regulators and U.S. prosecutors…
The pardon was the latest example of how high-profile business partners of Mr. Trump and his family have benefited from his rollback of the wide-ranging crypto crackdown orchestrated by President Joseph R. Biden Jr. To seek the pardon, Mr. Zhao hired lawyers and lobbyists with ties to the Trump administration, while Binance struck a business deal with World Liberty Financial, the Trump family’s crypto start-up.
That deal alone is poised to generate tens of millions of dollars a year for the Trumps and the family of Steve Witkoff, the president’s top Middle East adviser.
Mr. Trump has granted clemency to several other prominent crypto executives, including Ross Ulbricht, who ran the Bitcoin-fueled drug marketplace Silk Road. And since Mr. Trump took office, regulators have dropped lawsuits against Coinbase and other large crypto firms.
But even in the context of Mr. Trump’s broader dismantlement of crypto enforcement, the pardon for Mr. Zhao was extraordinary.
Long considered the crypto industry’s richest man, Mr. Zhao — a Chinese-born executive who now lives in the United Arab Emirates — admitted that he had violated the law by failing to install rigorous compliance systems at Binance. That allowed people in countries under sanctions, and terrorist groups like Hamas, Al Qaeda and the Islamic State, to move money on his platform.
When he pleaded guilty, Mr. Zhao, who goes by CZ, stepped down as chief executive of Binance, though he remained its majority owner and held on to virtually all of his wealth.
Now he could have an opportunity to retake direct control of the exchange. The pardon could also make it easier for Binance to establish a presence in the U.S. market and challenge domestic exchanges like Coinbase and Kraken…
In November 2023, Mr. Zhao and Binance both pleaded guilty to violating rules aimed at preventing money laundering. Janet L. Yellen, who served as Treasury secretary at the time, said Binance had allowed “illicit actors to transact freely, supporting activities from child sexual abuse to illegal narcotics to terrorism.”
Mr. Zhao received a four-month sentence, a light punishment compared with the penalties doled out to some of his colleagues in the crypto world. Even before he reported to prison, he was laying the groundwork for his next act, networking with U.S. tech executives and weighing investments in artificial intelligence.
Mr. Zhao was released in September of last year. Since then, he has become a fixture on the crypto podcast circuit, making flattering comments about Mr. Trump. In one interview, he said he had read books by Marc Rich and Michael Milken, two business tycoons who received pardons…
Re CZ: Binance is sitting on $2B of Trump’s USD1 stsblecoin, allowing Trump to earn interest on the money.
— Zach Everson (@zacheverson.com) October 23, 2025 at 12:00 PM
Per Forbes, “MGX Cites ‘Compliance History’ In Picking Brand New Trump-Linked Stablecoin USD1 For $2 Billion Binance Deal”
MGX, a state-backed Abu Dhabi fund, told Forbes it chose the Trump-linked USD1 stablecoin to settle its $2 billion investment in Binance based on factors such as business suitability, the currency of the backing assets and “compliance history”—though USD1 was brand new at the time.
Key Facts
– An LLC connected to President Donald Trump and members of his family owns about 38% of World Liberty Financial, the issuer of USD1, a stablecoin pegged to the U.S. dollar and backed by U.S. Treasuries and cash equivalents.– In May, World Liberty Financial co-founder Zach Witkoff said MGX, a state-backed Abu Dhabi investment fund, was using $2 billion worth of USD1 to invest in Binance, the world’s largest crypto exchange by trading volume…
– The parties opted for a stablecoin given the volatility of other options and selected USD1 because it is “backed 1:1 by a conservative mix of U.S. dollar-denominated assets, including cash deposits, highly liquid short-term government securities and other secure equivalents, all held and managed by an independent, U.S.-based custodian in externally audited custodial accounts,” MGX said.
– MGX said it does not currently hold USD1 and paid no fees to World Liberty Financial, nor has it invested in the company
What Do We Know About Trump’s Link To World Liberty Financial?
World Liberty Financial says it was “inspired by the vision of Donald J. Trump” and lists him as its co-founder emeritus, alongside co-founders Donald Trump Jr., Eric Trump and Barron Trump. An LLC affiliated with Trump and some family members owns about 38% of World Liberty Financial, per the small print on its website. Stablecoin issuers like World Liberty Financial typically earn money by investing the dollars backing their coin in safe assets like U.S. Treasurys, keeping the interest. MGX’s decision to use USD1, instead of fiat or another cryptocurrency, effectively gave World Liberty Financial $2 billion to invest in U.S. government-backed money markets. That transaction also boosted USD1’s market cap, helping it gain legitimacy and scale. That means an investment fund backed by a foreign state may have directly increased the Trump family’s earnings while Donald Trump was in the White House.Key Background
Trump can earn income from his businesses while in office through the Donald J. Trump Revocable Trust, the same structure he used during his first term. He is its sole donor and beneficiary, with Donald Trump Jr. serving as the trustee. In an April regulatory filing in the United Kingdom, the Trump Organization confirmed Trump retains control over his businesses. As president, he has pledged to make the United States the “crypto capital of the world,” aligning with his expanding interests in digital assets…
Hey, he’s only the president, how is he supposed to know who he is pardoning
— Tom Nichols (@radiofreetom.bsky.social) October 23, 2025 at 4:20 PM
War for Ukraine Day 1,337: The War Ends When the Ukrainians Decide It Ends
Tenar Arha
Corrupt President of, by, and for the Crooks. (Or felons & crooks all the way down). ETA to add words
NotMax
“It’s an act of Christian charity. He’s suffered enough.”
//
Shalimar
Elon Musk defends $1 trillion pay package: ‘I just don’t feel comfortable building a robot army here and then being ousted’ | Fortune
Here’s a question: why the fuck would anyone let the guy most likely to program a robot army to kill all humans who insult him have enough money to build a fucking robot army?
NotMax
@Shalimar
Erik Prince didn’t answer his phone?
//
eclare
Anne Laurie, this is a brilliant post. Thank you. The corruption has so many tentacles.
SpaceUnit
Whether it’s the pardon of criminals, corrupt prosecutions, or the destruction of the White House it’s all just so much gaslighting. You can respond by running around in circles squawking and flapping your arms or you can eat a sandwich and go about your business (for now).
Neither of those things will change anything, but one of them is very much what they want.
Karen Gail
My eye was caught by post on Bluesky that no one spends money on a ballroom and then leaves it behind. Every “upgrade” Trump has made just confirms that he has no intention of leaving the White House unless he is dead. I thought that when I saw that the ivy was no longer on mantel of fireplace; the gold details just reinforced, in my mind, his plans to turn White House into his personal “golden palace.”
SpaceUnit
@Karen Gail:
He has no intention of leaving.
frosty
@SpaceUnit: Agreed.
SFAW
I have no doubt that the FTFTFNYT will, any day now, adopt the phrase “the most corrupt president in American history” to describe TFG.
That will happen the day after I wake up with a full head of (my own) hair.
cain
The war torn hellscape that is Portland – please send us dancing shoes!
reddit.com/r/oregon/comments/1oei4x3/portland_brings_the_heat_to_melt_ice/
cain
“I would respond by saying, you can’t fucking say shit to us, we’ll do whatever we want. Pig.”
prostratedragon
More on Binance money laundering from the sentencing memo:
Bruce K in ATH-GR
You know what really enrages me this morning?
Bribery is explicitly grounds for impeachment. Right there in the original text, not even an amendment. Article 2, Section 4. Now if we had a majority political party that wasn’t corrupt down to its bones, something could be done about that, but the GOP is now complicit in every crime that’s being committed by the First Felon and his entire administration.
I did see a substack somewhere that proposed a 2-prong attack. First: vacate the Speakership of the House. The author suggested Liz Cheney as a compromise Speaker. Then: impeach Trump and Vance. But that would require the goddamned supermajority.
prostratedragon
More networking:
Tony Jay
Meanwhile, over in Wales (the bit of the UK where Tom Jones, Richard Burton and deep-voiced redcoats singing about heavenly bread while under attack from Zulu impis come from)…..
Caerphilly in South Wales has been a Labour stronghold since Labour first had seats to hold strongly. The kind of place that for generations, ‘going into politics’ meant ‘working for Labour’. Devolution created a Welsh Assembly (the Senedd) with wide ranging powers over some aspects of Welsh life, but the balance was the same there – Labour dominance, Conservative distant second.
Then Brexit and the Rise of the Global Far Right broke the Conservatives and what had been The Labour Party came under the iron rule of New (Bluer) Labour 2.0. There was a financial scandal that shattered trust in the Welsh Labour Party, and the death of the Labour incumbent triggered a by-election in Caerphilly for the vacant Senedd seat a year in advance of the full Senedd elections.
I wonder what happened?
Plaid 47.4% (Welsh Nationalist Party)
Reform 36.0% (Racism Party – English Branch)
Labour 11.0% (Corporate-Authoritarian Party)
Conservatives 2.0% (Traditional Racism Party)
Greens 1.5% (Kewl Nu-Kidz Lefty Tree-Hugging Party)
Liberal Democrats 1.5% (Hufflepuff In Ties Party)
Gwlad 0.3% (Fuck Only Knows Party)
Ukip 0.2% (Rump Ye Olde Racism Party)
Remember how a couple of years ago the results of by elections in traditionally Tory constituencies showed huge swings away from them towards whoever could beat the Tory? Signalling the inevitable defeat they were facing at the next General Election?
It took the Tories 14 years, Flobalob’s Brexit and Liz Truss’ short reign of error to blow up their Party. Starmer and his handlers have done the job for newnewlabourinc in 18 months. Caerphilly has been rock-solid Labour for 100 years. Losing it in this manner, with voters jumping to ‘almost anyone but Labour’ to keep out Reform’s froggy fascists is a big ringing alarm bell as to the future of Wales and, further ahead, the future of Labour under the oppressive Blue Labour faction. Despised, dismissed, defeated.
This is not a surprised face.
Rusty
What burns me about the NYT article, which is just emblematic of much of their reporting on the Trump administration’s actions, is that it pitches everything as a disagreement. Which would almost ok if there was a debate taking place. But this isn’t a debate about what should be done with the White House East Wing, where the two sides have a discussion through a process and reach a decision that allowed for meaningful exposure of the issues and a process that followed legal requirements. Instead we just have a pile of rubble. There was no fucking debate. The same could be said for pretty much everything this administration is doing. Just physical amd metaphorical rubble everyday, and the same NYT treatment of what is happening. They really are completely failing.
WTFGhost
If you were talking to someone who seemed kinda-Trumpy, but seems boggled by this, point out that Trump had abused the court system to stiff contractors for many years, long before he went into politics. This is really just the behavior you’d expect from slime like that, if given unlimited power.
(i.e.: we effing warned you in 20-effing-16!!!)
Aziz, light!
@WTFGhost: Earlier in my life I lived for some years in NYC. New Yorkers could tell you what was effing wrong with the short-fingered vulgarian in 19-effing-82.
Geminid
There was some consternation at the news that the US was sending 200 troops to Israel in connection with the Gaza ceasefire. Anyway, the center is up and running now near the Negev Desert city of Kiryat Gat, and Jerusalem Post diplomatic correspondent Amichai Stein interviewed a CENTCOM spokesman about the operation:
The ceasefire went into effect 12 a.m. Friday, October 11, so it is actually entering its third week now.
This link might work:
jpost.com/middle-east/article-871442
Baud
@Geminid:
That’s good news.
Baud
@Tony Jay:
Are the Yours not fielding candidates yet?
Baud
Deputinize America
@Shalimar:
Dear Universe: Humanity NEEDS a solar flare flare on the level of a Carrington Event. Please bring it on in order to rid us of the scourge of grasping techbros and the followers who believe that the techbros are smart or charming.
Baud
Speaking of the Louvre job
Tony Jay
@Baud:
Still building the Party from the ground up. Founding document have gone out to all members, which will be discussed and debates at regional assemblies across the country. Things will be finalised at the Conference next month. It’s an effort in participatory democracy with everything from founding principles to manifesto promises decided by the membership through 1 person 1 vote.
Frankly, I wouldn’t expect there to be candidates standing until next year at the earliest. Until then, in the UK at least, it looks like The Greens are the default choice of people on the Left.
ETA – Did I mention I favour calling it the Centre-Left Party? Only 5% of which is the desire to drive the Starmerites into frothing rage.
Baud
@Tony Jay:
Thanks.
I suggest naming it the Lefty McLeftyface Party. Seems thoroughly British.
Tony Jay
@Baud:
That’s one of the choices. It’s up there with –
The Nicey-Nice Party
The Party of Furious Vengeance
Thingumybob & Whirlytag Grinders Collective
The Party of Free Love
But it’s up to the members, really.
satby
Anne Laurie, on a zoom call yesterday with other jackals, we all agreed you are the best and a favorite out of the few front pagers left; and how much we appreciate the work and analysis you put into each of your posts.
And that your recovery from all the past travails continues; also that we hope you know we all stand ready to help if you ever need us.
Betty
@SpaceUnit: There is a hymn my husband likes to listen to: For I know the plans I have for you. Man proposes, God disposes.
Kayla Rudbek
@Aziz, light!: Diane Duane (proud New Yorker) cast him as the Devil in the first Young Wizards book published 1983 if I recall correctly
Geminid
@Betty: Ulysses Grant’s Introduction to his Personal Memoirs begins, “Man proposes, God disposes.”
Paul in KY
@Tony Jay: I loved your description of the Liberal Party! They had it all back in 1906…
dnfree
@Betty: If this represents the plans God has for us, something has gone seriously wrong.