Trump Vows to Make US the Global Crypto Capital, Defends Controversial CZ Pardon

In a candid and extensive interview on CBS’s flagship news program, 60 Minutes, former President Donald Trump reiterated his ambitious goal to establish the United States as the undisputed global leader in cryptocurrency. Towards the close of the 90-minute discussion, Trump also directly addressed the swirling allegations of corruption linked to his controversial pardon of Changpeng Zhao (CZ), the founder and former CEO of Binance.

America’s Unrivaled Position in the Crypto Sphere

Speaking to CBS reporter Norah O’Donnell in the interview broadcast on Sunday, Trump asserted, “We (the US) are number one in the world in cryptocurrency. Others want to compete for this position, and they are working hard for it. But the reason we are number one is because I am president.” He underscored the immense scale and strategic importance of the sector, adding,

I don’t want China or any other country to take it (the cryptocurrency industry) away. This is an extremely massive industry.

Fostering Crypto Innovation in the United States

Trump criticized the Biden administration’s approach to the crypto industry, noting that a shift in stance only occurred late in the re-election campaign, which he deemed too late. He highlighted that numerous individuals faced prosecution under Biden’s tenure, suggesting the administration’s eleventh-hour “full embrace of crypto” was a transparent, yet ultimately unsuccessful, bid for votes.

That didn’t work. The voters ultimately voted for me. I want to make crypto flourish in the United States. Because in the cryptocurrency industry, there will basically only be a number one, there won’t be a number two.

Interestingly, Trump’s own position on the crypto industry also underwent a transformation in the spring of 2024. Today, all three of his sons—Donald Jr. Trump, Eric Trump, and Barron Trump—are actively involved in the cryptocurrency space. According to estimates by the Financial Times, the Trump family has reportedly amassed over $1 billion through various crypto ventures, including Bitcoin mining and meme coin investments.

Sweeping Policy Shifts and Controversial Pardons

Since assuming office, President Trump has enacted several key executive orders aimed at reshaping the cryptocurrency regulatory landscape. These initiatives include the establishment of a “Digital Asset Policy Working Group” and the creation of a “US Strategic Bitcoin Reserve and Digital Asset Inventory.”

His administration has also moved to withdraw numerous lawsuits and investigations initiated by the US Securities and Exchange Commission (SEC) during the Biden era against prominent crypto firms such as Coinbase, Gemini, OpenSea, and Uniswap.

Earlier this year, Trump signed a pardon order releasing Ross Ulbricht, the founder of the dark web marketplace “Silk Road,” from a life sentence. Last month, he further exercised his presidential clemency, granting a pardon to Binance co-founder Changpeng Zhao (CZ).

Zhao had previously admitted in 2023 to failing to implement adequate anti-money laundering mechanisms, serving a four-month sentence before his release in September 2024. The Trump administration has repeatedly framed Zhao as a victim of “political persecution” by the Biden government. In the 60 Minutes interview, Trump firmly reiterated this stance:

Are you ready? I don’t know who he is. I only know that he was sentenced to something like four months in prison, and I also heard that it was a Biden witch hunt.

Addressing Corruption Concerns Head-On

The decision to pardon CZ has drawn scrutiny, particularly following a Wall Street Journal report earlier this year that revealed a Trump-backed company had discussed acquiring a stake in Binance.US. This revelation cast a shadow over the clemency decision.

CBS reporter Norah O’Donnell directly questioned President Trump on whether he was concerned about public accusations of corruption surrounding these actions.

According to the interview transcript, Trump responded, “I can’t say, because—I can’t say—I’m not concerned.” He then swiftly redirected the conversation back to his primary focus on cryptocurrency leadership: “We are number one in the world in cryptocurrency. Others want to compete, and they are working hard for it. But we are number one in the world because I am president.”

🇺🇸 TRUMP: “I only care about one thing… will we be number one in crypto?” pic.twitter.com/VRqvRaBN2

— CoinDesk (@CoinDesk) November 3, 2025

Notably, CZ’s legal team has reportedly requested Senator Elizabeth Warren to retract her critical remarks made in the wake of the pardon. There are even reports that Zhao is considering initiating a defamation lawsuit against the Senator.