Is This What "Draining the Swamp" Looks Like?
Okay, let's get this straight. Trump pardons a crypto billionaire, Changpeng Zhao – a guy who admitted his company, Binance, let criminals and terrorists launder money. And this happens right after Zhao's company apparently throws a lifeline to the Trump family's joke of a crypto venture, World Liberty Financial (WLF). I mean, come on! You can't make this stuff up.
Elizabeth Oyer, who used to be in charge of vetting pardons at the Justice Department, straight up calls the whole thing "corruption." She says the money involved is unprecedented, and that it benefitted Trump and his inner circle. Is anyone surprised? I'm not.
The "Business Suitability" Excuse
So, this Emirati fund dumps $2 billion into World Liberty Financial, a currency that's barely been on the market for a month. The official line? "Business suitability." Right. That's like saying I wear a tin foil hat for "fashion reasons." Lawrence Lessig, the Harvard law guy, nails it. He says it's about ingratiating themselves with the president. They're not explicitly bribing anyone, offcourse not, but… the implication is deafening. It's a wink and a nod, a backroom deal disguised as "investment."
Then, just two weeks after this WLF deal, Trump announces the Emirates are investing in America, and we're giving them access to restricted AI chips. Coincidence? Maybe. But Occam's Razor suggests a simpler, dirtier explanation. What's more likely?
And here's the kicker: Binance left that $2 billion in World Liberty Financial. So, the Trump's and their partners are potentially raking in $80 million a year in interest. And Zhao basically controls whether WLF lives or dies. He's got a sword hanging over their heads. It's like a mob movie, but with more blockchain.
The Art of the (Crypto) Deal
I almost choked on my coffee when I heard Trump claim he doesn't even know Zhao. Then he spouts some nonsense about how Zhao "wasn't guilty of anything." Dude, he pleaded guilty! He paid a $4 billion fine! Are we living in an alternate reality here? As reported on 60 Minutes, the Trump pardon of crypto billionaire sparks concerns over his use of the pardon power.
Trump says he gave Zhao the pardon at the "request of a lot of very good people." Who are these "very good people"? Swamp creatures? Crypto bros? Probably both.
And Eric Trump wants us to believe his dad has "nothing to do with our company." Give me a break. The president's businesses are in a trust run by his family. Michael Gerhardt, the constitutional scholar, says it's a classic conflict of interest. He's got people who invested in his business, and he wants to keep them happy. And he's using our tax dollars to promote that business.
Then again, maybe I'm missing something here. Maybe this is all perfectly legal and ethical. Maybe the sky is green, and pigs can fly.
Is Anyone Even Surprised?
The lawyers for Zhao and Binance are playing coy, saying they didn't provide "technical support, personnel, or any other resources" to WLF. But then they admit Binance provided "freely available" software to save WLF some time. Okay, so they didn't directly help them. They just gave them the tools to succeed. It's like giving someone a loaded gun and saying you're not responsible for what they do with it.
And of course, WLF's lawyers claim they "never contacted the president about Mr. Zhao" and "did not play a role in Mr. Zhao's recent presidential pardon." Sure, guys. I believe you. Just like I believe that the check is in the mail.
The real problem, as Lessig points out, is that there's a legitimate fear of "private corruption" inside the executive branch. The mixture of private financial interests and public policy is toxic. It's corroding our democracy. And the worst part is, everyone knows it. We're all just sitting here watching the ship sink.
