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Trump's "I Don't Know Him" Act: Crypto Pardons and Convenient Amnesia
Okay, so Trump pardoned crypto dude Changpeng Zhao – CZ, whatever – and now he's playing the "who dat?" card? Give me a break. Are we really supposed to believe this guy, who's got more shady deals than a back-alley pawn shop, suddenly forgot who he let off the hook?
The Amnesia Defense
Trump claims he doesn't know CZ, that he was just told it was a "witch hunt" by the Biden administration. Right. And I'm the Queen of England. The White House Press Secretary even chimed in, calling it a "war on cryptocurrency." Sounds less like justice and more like political theater, if you ask me. 'I don't know who he is', says Trump after pardoning crypto tycoon
It's not like this is the first time Trump's dipped his toes in the crypto swamp. Remember Justin Sun? That fraud case conveniently halted after investments in the Trump family's crypto firm? Coincidence? I think not. And now, a stablecoin launched by World Liberty Financial is being used for a $2 billion investment in Binance. Follow the money, people. Follow. The. Money.
He also pardoned founders of BitMEX, who faced money laundering charges, and Ross Ulbricht, the Silk Road guy. Seems like Trump has a real soft spot for…entrepreneurs with questionable ethics.
But hey, maybe Trump really doesn't remember. Maybe all those rallies fried his brain. Maybe he's just got a terrible memory. Or maybe, just maybe, he thinks we're all idiots.
The Crypto Cabal
The timing is interesting, to say the least. Crypto prices are slipping, and Treasury Secretary Scott Bessent is out there saying high interest rates are tanking the economy. Bessent thinks the Fed should cut rates. You know, the same Fed that Trump spent years railing against? Crypto Prices Slip Ahead of US Jobs Data as Bessent Flags Rate Risks
So, is this pardon a favor? A calculated move to boost the crypto market? Or just another example of Trump doing whatever the hell he wants?
And what about Binance? It's still the biggest crypto exchange in the world. CZ pleaded guilty to enabling money laundering. He did four months in prison and stepped down as CEO. The pardon lifts restrictions that stopped him from running financial ventures, but does it change anything with US regulators? That's the million-dollar question, ain't it?
Speaking of money, I'm starting to think I'm in the wrong business. Maybe I should start a crypto company, get accused of money laundering, and then wait for Trump to pardon me. Seems like a solid business plan these days.
Buybacks and Death Spirals
Then there's this whole DAT (Digital Asset Treasury) thing. Apparently, crypto VCs are all hot and bothered about these DATs, and now some of them are doing buybacks to prop up their share prices. ETHZilla even sold $40 million of its ETH to fund a buyback.
One VC called it "an uncommon move." Another warned about a "DAT death spiral" – prolonged sub-NAV trading leading to accelerated treasury selling, falling NAV, and mounting pressure on the shares. Sounds like a party.
But wait, are we really supposed to believe that these VCs know what they're doing? They're throwing money at digital assets that nobody understands, and then they're surprised when things go south?
So, What's the Real Play Here?
Trump says he doesn't know CZ. The White House says it was an "overly prosecuted case." Crypto VCs are playing financial games with DATs. And I'm sitting here wondering if anyone in this whole damn industry has any idea what they're doing.
