Trump Talks Crypto and CZ Binance Pardon on CBS 60 Minutes Interview

In a wide-ranging 90-minute interview on CBS's 60 Minutes that aired Sunday night, President Donald Trump turned his attention to Bitcoin and cryptocurrency during the closing moments. The discussion highlighted his administration's aggressive push to cement America's dominance in the digital asset space. Trump emphasized his personal commitment to fostering growth in an industry he views as essential for national economic strength.

The president spoke directly to reporter Norah O'Donnell about the competitive landscape surrounding crypto. He asserted that the United States holds the top spot worldwide, crediting his leadership for that position. Trump warned against allowing rivals like China to gain ground, describing the sector as a massive opportunity that demands protection.

Administration Actions Bolster Crypto Ecosystem

Shortly after his January inauguration for a second term, Trump moved quickly to reshape federal policy on digital assets. He issued executive orders establishing a working group dedicated to digital asset strategy and launching a U.S. Strategic Bitcoin Reserve alongside a broader Digital Asset Stockpile. These initiatives aimed to integrate cryptocurrency into national reserves, signaling a shift from regulatory caution to active support.

The U.S. Securities and Exchange Commission, under Trump's influence, has taken steps to ease pressures on key players in the industry. Lawsuits against platforms including Coinbase, Gemini, OpenSea, and Uniswap have been dropped, allowing these entities to operate with reduced legal overhang. Such decisions reflect a broader deregulatory approach that Trump champions as vital for innovation and job creation in emerging technologies.

Trump's personal evolution on Bitcoin and crypto adds another layer to his advocacy. In the spring of 2024, he publicly embraced the sector after years of skepticism, a pivot that aligned with growing family involvement. His sons, Donald Jr., Eric, and Barron, have immersed themselves in various projects, from Bitcoin mining operations to memecoins. Estimates suggest the Trump family's collective earnings from these endeavors exceed $1 billion, underscoring the financial stakes intertwined with policy decisions.

The interview also touched on contrasting approaches from the previous administration. Trump criticized former President Joe Biden for what he called a late and insincere pivot toward crypto during the reelection bid. He pointed to numerous indictments under Biden's watch, followed by a sudden embrace of the industry in a bid for voter support. That strategy, Trump noted, failed to sway the electorate, who instead backed his vision for elevating America's role.

Pardons issued by Trump further illustrate his hands-on role in crypto matters. Early in his term, he granted clemency to Ross Ulbricht, the founder of the Silk Road marketplace, who had been serving life sentences without parole. More recently, last month, Trump extended a pardon to Binance co-founder Changpeng "CZ" Zhao following his 2023 guilty plea related to anti-money laundering shortcomings. Zhao, who completed a four-month prison stint before his September 2024 release, received backing from Trump, who labeled the case a politically driven pursuit by the prior administration.

During the 60 Minutes exchange, Trump reiterated his view of Zhao's treatment as unjust. He expressed unfamiliarity with the executive's background but highlighted the brevity of the sentence as evidence of overreach. The president framed these actions as corrections to past excesses, aimed at freeing innovators to contribute to America's tech frontier.

Ties between the Trump family and crypto firms have drawn scrutiny, particularly around World Liberty Financial, a venture linked to the president's relatives. Reports earlier this year suggested discussions about acquiring a stake in Binance.US coincided with Zhao's pardon pursuits, though the company rejected those claims as baseless. Weeks later, Abu Dhabi-based MGX announced a $2 billion transaction involving World Liberty's USD1 stablecoin and Binance, highlighting ongoing collaborations in the space.

O'Donnell pressed Trump on potential perceptions of impropriety in these intersections, asking the president: "So not concerned about the appearance of corruption with this?"

President Trump deflected, saying, "I can't say, because– I can't say– I'm not concerned. I don't– I'd rather not have you ask the question."

Trump then reiterated his focus on national leadership in crypto without delving into specifics. He circled back to his core message, underscoring that under his guidance, the United States remains unmatched in the field.