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illuminem summarises for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: Changpeng Zhao, founder of Binance and a convicted felon, played a critical role in advancing World Liberty, a Trump-linked crypto initiative, by facilitating a $2 billion stablecoin transaction and building its underlying technology
• Zhao’s involvement preceded a surprise presidential pardon from Donald Trump, raising questions about the intersection of crypto influence, political finance, and executive clemency
🔭 The context: Zhao stepped down as CEO of Binance in 2023 and served time for U.S. anti-money laundering violations tied to the exchange’s operations
• Although barred from directly managing Binance, Zhao remained active in crypto circles
• His post-incarceration support of World Liberty — designed as a pro-Trump digital currency — coincided with a broader effort by Trump allies to promote alternative financial infrastructure amid increasing scrutiny of traditional crypto platforms
🌍 Why it matters for the planet: This development underscores growing concerns about governance and integrity in the crypto sector
• Politically connected digital assets raise significant risks for transparency, equitable access, and financial regulation — core principles of sustainable finance
• When convicted financial actors can regain influence through political ties, trust in the ability of emerging technologies to support sustainable and inclusive development is undermined
⏭️ What's next: The U.S. Congress is expected to investigate the circumstances of Zhao’s pardon, particularly whether political or financial considerations played a role
• Regulatory bodies may also revisit Binance’s compliance progress and Zhao’s indirect involvement in new ventures
• This case could accelerate calls for legislative safeguards against the politicisation of digital finance and post-conviction reengagement in critical financial infrastructure
💬 One quote: “The pardon shocked even some inside the administration. No one expected Zhao’s name to be on that list.” — Senior U.S. official (anonymously)
📈 One stat: Binance facilitated a $2 billion transaction to support World Liberty’s stablecoin launch—despite ongoing regulatory oversight and Zhao’s criminal record
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