FILE PHOTO: U.S. President Donald Trump, in front of a painting of former U.S. President Ronald Reagan, smiles during an event to announce that the Space Force Command will move from Colorado to Alabama, in the Oval Office at the White House in Washington, D.C., U.S., September 2, 2025. REUTERS/Brian Snyder/File Photo
While the U.S. Department of Justice (DOJ) moves forward with federal indictments of President Donald Trump's foes — including New York State Attorney General Letitia James, former FBI Director James Comey and ex-National Security Adviser John Bolton — Trump is granting pardons and commutations to those he considers allies. On Thursday, October 23, Trump pardoned former Binance CEO Changpeng Zhao, which followed his recent pardon of former Rep. George Santos (R-New York).
Zhao, a prominent figure in the cryptocurrency space, was sentenced to four months in federal prison after pleading guilty to money laundering.
In an article published on October 25, Politico's Daniel Barnes points to the Zhao pardon as a prime example of the power that tech lobbyists have in Washington, D.C.
"President Donald Trump's pardon of Changpeng Zhao is a remarkable turn of fortune for the entrepreneur who, just over a year ago, was serving prison time for allowing money launderers access to his cryptocurrency trading platform," Barnes reports. "It's also the latest example of what's possible in Trump's Washington for those who can afford the right lobbyists. For Zhao and his company Binance, the pardon represents a fresh start in Washington, emblematic of Trump's friendly attitude toward the crypto industry and soft approach to regulation."
Barnes adds, "For the lobbyists who helped make the pardon happen, it's a show of force that embodies the shifting power on K Street toward firms with direct ties to the Oval Office."
Trump, during his first presidency, was highly critical of cryptocurrencies. But these days, he is an enthusiastic proponent of them.
One of the lobbying firms Binance has worked closely with is Checkmate Government Relations, based in North Carolina and headed by Ches McDowell — who Barnes describes as a "hunting buddy of Donald Trump Jr."
"Checkmate hauled in $7.1 million in revenue during the last three months alone, a remarkable profit for a firm that didn't have a Washington office until earlier this year," Barnes reports. "Binance hired McDowell in late September to lobby the White House and the Treasury Department on financial policy issues and 'executive relief,' according to a disclosure report. For one month's work, Binance paid Checkmate $450,000. But Zhao’s pardon effort has been ongoing for much longer than one month."
Barnes continues, "In February, three weeks after Trump's inauguration, Binance and Zhao, in his individual capacity, each hired Teresa Goody Guillén, a leading crypto lawyer who Trump had reportedly considered to lead the SEC in his second administration. Her firm reported earning $290,000 from Binance and Zhao so far this year."
Read Daniel Barnes' full Politico article at this link.