Binance (CRYPTO: BNB) co-founder Changpeng “CZ” Zhao said Thursday that cryptocurrency doesn’t rely on government rescues after Sen. Elizabeth Warren (D-Mass.) asked the Trump administration not to bail out billionaires in the current bear market.
CZ’s Response To Warren
CZ fired back against Warren’s letter advising the Treasury and the Fed against any government intervention to stabilize Bitcoin (CRYPTO: BTC) prices. Such a move, she argued, would “disproportionately benefit crypto billionaires.”
“Crypto never needed a bailout, never will,” CZ, who has had issues with the senior lawmaker, said.
Warren’s Opposition To Trump, CZ
Warren was severely critical of President Donald Trump’s pardon of CZ last year. She alleged a potential quid pro quo between the Trump family and Binance’s convicted founder, who pleaded guilty to violating the Bank Secrecy Act and stepped down as the company’s CEO.
Notably, World Liberty Financial USD (USD1), a stablecoin backed by the Trump family, was chosen to close Abu Dhabi investment firm MGX‘s $2 billion deal with Binance last year.
CZ had rejected these claims, accusing Warren of distorting the facts surrounding his conviction. Earlier, Teresa Goody Guillén, CZ’s lawyer, revealed that he is contemplating filing a defamation case against the Democrat.
Warren has been one of the vocal critics of the Trump family’s cryptocurrency projects, such as the Official Trump (CRYPTO: TRUMP) memecoin and the USD1 dollar-pegged stablecoin, labeling them as “plain and simple” corruption.
Photo Courtesy: Bryan J. Scrafford on Shutterstock.com
Recent Comments