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Trump crypto pardons have erased more than $1 billion in fines and restitution, raising questions about fairness.
High-profile beneficiaries like Trevor Milton, Ross Ulbricht, and Changpeng Zhao highlight concerns about influence and access.
Critics warn that bypassing traditional pardon procedures may set a dangerous precedent for future administrations.
President Donald Trump’s second term has been marked by an unprecedented wave of pardons, particularly in the cryptocurrency and political arenas, raising questions about whether clemency is being wielded as a tool of mercy or as a transaction influenced by wealth and connections. Reports indicate that Trump’s crypto-related pardons alone have nullified over $1 billion in court-ordered fines, highlighting the financial stakes tied to his clemency decisions.
Liz Oyer, the former Justice Department pardon attorney who was dismissed in March 2025, went viral on TikTok after revealing that Trump’s pardons have effectively erased more than $1 billion in debts owed by wealthy Americans convicted of fraud and other crimes. Oyer’s compilation included 24 individuals and companies whose criminal penalties or restitution obligations were wiped clean under Trump’s orders. PolitiFact reviewed her claims in June 2025 and rated them ‘mostly true,’ noting that court records largely supported the figures, even if some totals were pending final confirmation.
Notable clemency awards include one to Trevor Milton, founder of Nikola Corporation, and Ross Ulbricht, founder of the Silk Road marketplace. When Trump pardoned Milton in March 2025, the $676 million restitution for securities and wire fraud was vacated, eliminating any prospect of recovering losses for shareholders. In another high-profile move, Trump issued a full pardon to Ulbricht, who had been serving a life sentence plus 40 years. This wiped out his $184 million restitution order. It was a move that had been rumored for years and played well with many of his libertarian supporters.
The pardon also restored crypto entrepreneur Changpeng Zhao's right to operate in the U.S., where his company, Binance, had been seeking readmission for over a year through an aggressive lobbying campaign. Zhao had earlier pleaded guilty to money-laundering violations and served a short stint in prison. Critics are accusing the pardon of reflecting an alarming confluence of political influence and financial leverage, maintaining such decisions reward wealth and connections instead of fairness. Senator Elizabeth Warren was among the critics.
Also Read: Elizabeth Warren Blasts Trump’s CZ Pardon as Crypto Influence Grows
Beyond the headline cases, reports have surfaced that lobbying firms connected to Trump's allies charged clients up to $5 million to facilitate clemency requests. Analysts describe it as a ‘pardon economy’ in which political access and financial resources increasingly determine who gets presidential mercy. Though previous administrations were subject to similar criticisms, Trump's approach is unique in its rolling issuance of pardons and in its frequent bypassing of the Justice Department's Office of the Pardon Attorney's recommendations.
Historically, applicants for clemency were expected to serve their sentences, make restitution, and wait several years before applying for a pardon. However, Trump's moves-especially the hundreds of pardons connected to the Jan. 6 riot at the Capitol, have largely flouted those norms and raised fresh concern that the clemency process could appear tilted to the well-connected and wealthy.
Legal scholars and watchdogs have warned that such practices can erode public trust in the justice system. Senator Thom Tillis responded that the pardons send a “bad signal” and may encourage questionable behavior from people seeking clemency at a later date. Observers say that while pardons themselves are constitutionally legitimate, frequent high-dollar grants risk blurring lines between mercy and money.
Also Read: ‘Bitcoin Jesus’ Roger Ver Settles $48M Tax Fraud Case Amid Trump’s Crypto Shift
Trump's pardons in the cryptocurrency and political worlds serve to highlight the ways in which presidential clemency can hold significant financial and political value. To some, these acts of grace are compassionate; the extent and pattern of these pardons, however, have raised red flags that wealth and influence may increasingly be the determining factors as to who benefits from forgiveness-a position that undermines the integrity of the clemency process and raises urgent questions about accountability in modern governance.
1. Why are Trump's crypto pardons receiving so much attention?
Trump's crypto pardons have raised eyebrows because they erased well over $1 billion in financial penalties, benefiting high-profile individuals with outsized influence in the tech and financial worlds. This scope of financial impact, along with the political visibility of the recipients, has stoked public debate about whether clemency retains any foundation in fairness or is increasingly distorted by money and connections.
2. In what ways are these pardons different from typical presidential pardons?
Traditional pardons tend to be the result of an orderly review by the Justice Department’s Office of the Pardon Attorney and are usually issued after someone has served time, paid restitution, and expressed contrition. Trump's pardons in recent times have very often skipped over such protocols and come quickly, sometimes to individuals still owing millions in fines. It is this breaking with longtime practice that concerns many legal experts.
3. Why do critics worry about a ‘pardon econom’?
Critics fear the creation of a ‘pardon economy,’ as reporting has described lobbying firms connected to political allies charging hefty fees-sometimes millions shepherd pardon petitions. That creates the perception that clemency is something to be bought, rather than earned, through justice or rehabilitation. These transactional optics risk undermining public trust in the fairness of presidential discretion.
4. What are the implications of these pardons for the justice system
Massive financial pardons and high-profile clemency decisions can erode public confidence in the justice system by suggesting that consequences vary depending on wealth or political access. When court-ordered restitution vanishes, along with bypassing traditional review channels, concern about the uneven application of the rule of law is raised. This perceived erosion of impartial justice has the potential for long-term effects on citizen trust.
5. Could these pardons affect future political or legal behavior?
Legal experts warn that extraordinary pardons-especially those forgiving hundreds of millions in penalties-set a bad example and may encourage others to engage in risky or unethical behavior in the belief that political connections could save them later. This could skew incentives through the financial markets, corporate governance, and even political circles, leading to more abuses of the law and pressuring future presidents for analogous favors.
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