Congresswoman Maxine Waters (D-CA) criticized President Donald Trump on Thursday after his reported pardon of Binance (CRYPTO: BNB) founder Changpeng "CZ" Zhao, calling it a "blatant display of corruption" tied to his personal financial interests in the digital asset sector.
Waters Condemns Trump's Pardon Of CZ
In her statement, Congresswoman Maxine Waters said Trump's pardon "shows a presidency built on corruption."
She said it "shows loyalty to criminals over working families." The statement came from the House Financial Services Committee.
It followed reports that CZ had pleaded guilty to enabling money laundering and facilitating illegal transactions.
Waters released her remarks during the ongoing government shutdown.
Federal employees remain unpaid, and essential public services continue to face disruption.
She said the timing revealed Trump's true priorities.
"He is doing massive favors for crypto criminals who have helped line his pockets," Waters added.
Allegations Of Pay-To-Play Corruption
Waters claimed the pardon followed months of lobbying by Zhao and alleged financial ties between the Binance founder and Trump's digital asset venture, World Liberty Financial (WLFI).
"CZ has spent months lobbying Trump and his family while funneling billions into Trump's personal crypto company," Waters said.
"The pardon was the payoff and a blatant example of pay-to-play corruption", she added.
She further accused the administration of legitimizing "crypto crime," warning that it sends a message that high-profile offenders can evade accountability if they align with Trump's political and financial interests.
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Crypto Industry Reacts To The Fallout
The pardon has triggered widespread backlash among regulators and financial observers.
Critics argue it weakens progress toward stronger crypto compliance standards.
Binance and Changpeng Zhao previously faced multiple enforcement actions, including a major case from the Securities and Exchange Commission.
The agency accused Binance of misleading investors and commingling customer funds. Those charges were dropped earlier this year.
Analysts say the pardon could reignite concerns about political favoritism in the digital asset sector.
Many warn it blurs the line between regulation and influence as Trump advances a pro-crypto agenda.
Political And Market Implications
Waters' remarks add to a growing divide in Washington over cryptocurrency oversight.
Democrats, led by Waters and Senator Elizabeth Warren, have warned that Trump's pro-crypto stance risks inviting further financial misconduct.
"The Administration's actions effectively legitimize the crypto crime CZ was convicted of," Waters said.
"These actions are proof that Trump is willing to allow crypto crime to flourish so long as it boosts his personal fortune."
The White House has not yet issued an official response to the congresswoman's comments.
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