On October 23, 2025, US President Trump signed a presidential pardon for Binance founder Changpeng Zhao (CZ), a decision that has garnered widespread attention in US politics and the crypto industry. Behind this decision lies the Trump administration's ambitious "Crypto Capital of America" strategy, marking a fundamental shift in the US attitude towards the crypto industry.

This amnesty dates back to 2024, when Binance reached a historic settlement with US regulators, agreeing to pay a fine of up to $4.3 billion, and CZ himself was held legally accountable for violating the Bank Secrecy Act. In less than a year, this dramatic shift from severe penalties to a presidential amnesty highlights a strategic adjustment in US crypto policy.

On October 28th, an in-depth discussion on the Trump pardon controversy and its potential impact on the global crypto market unfolded on a Twitter Space hosted by SunPump. This Space brought together several industry veterans to delve deeper, exploring the political logic behind the pardon, its profound impact on the crypto market, and investment strategies for ordinary investors in the new cycle. This was not merely an information review, but a valuable exchange of ideas to help all market participants navigate this crucial turning point and find their way forward.

The logic behind Trump's pardon of CZ: a transfer of benefits or a grand strategy?

Regarding Trump's pardon of CZ and the motives behind it, Guest Coin Insights first cut through the surface fog. He pointed out that although Binance has tangible project collaborations with Trump family business entities, this essentially aligns with the common mechanism in the US political landscape where business groups lobby through Political Action Committees (PACs). For the crypto industry, this should be seen as a positive "political feedback," foreshadowing a significant shift in the policy environment.

Guest commentator Tang Shiyi echoed the views of CoinNews, adding a financial perspective. He believes that Trump's policies essentially "opened a door" at the top level, implementing "policy easing." This makes it more likely that the liquidity released by the Federal Reserve will flow into the relatively small crypto market, creating a "rising tide lifts all boats" effect . For ordinary participants, the key is to "get closer to the source" and participate in early-stage projects that can benefit from this policy dividend.

Guest 527 offered a broader perspective, revealing the deeper considerations behind the US's creation of a "crypto capital" from a national strategic level: Subjectively, this is about consolidating the dollar's financial dominance by "blockchainizing" core assets like US stocks and bonds and promoting stablecoins, in the face of challenges from new energy sources and multipolar currencies. Objectively, crypto technology is the underlying infrastructure preparing for the upcoming AI economic wave, with blockchain becoming a key foundation for efficient and reliable collaboration and payments among AI agents. Based on this broader perspective, he believes the Trump administration's "pardon" of CZ was not a simple exchange of interests, but rather a strategic shift in US national policy from rejection to full embrace of crypto assets in order to seize the commanding heights of next-generation technology and finance.

After a thorough analysis of the strategic intentions behind the amnesty, the focus of the discussion naturally shifts to its actual impact on the market: Can the "policy-finance-regulation" resonance formed by Trump's amnesty of CZ, the listing of Hong Kong's first Solana ETF, and the expectation of a Fed rate cut truly ignite a new round of crypto bull market?

Despite the rare synergy created by these three events, the guests generally held a cautiously optimistic attitude. They believed that given the current market size, a complete replication of the 2019 bull market was unrealistic. A more likely scenario was that this convergence would give rise to a new market paradigm with more structural characteristics: centered on mainstream assets and compliant channels, driving the market towards a more mature and mainstream stage of development . For astute participants, this would undoubtedly bring a new round of significant opportunities, but these opportunities would manifest in more diverse forms, requiring investors to possess stronger capabilities in selecting investment sectors and building ecosystem strategies.

Strategy Guide: Leveraging Meme traffic on the left and stablecoin yields on the right, TRON becomes the core platform.

In the final segment of Space, the discussion returned to the question that every participant cared about most: how should ordinary investors position themselves in the face of Trump's pardon of CZ and the grand narrative of building a "crypto capital"? The guests engaged in a highly practical discussion, ranging from sector selection to specific strategies.

Guest speaker Mr. Bai offered a insightful suggestion: to allocate a moderate amount of funds to Meme Coin. He believes that Meme Coin's core value in this cycle lies in its strong ability to attract new users and its extremely low promotional resistance . He cited Meme Coin, issued by Trump himself, as an example, pointing out that it is essentially a "sufficiently fair and transparent" community asset , free from the dumping of cheap tokens by VCs, bringing valuable new users and liquidity to the industry. For community leaders and ordinary users, participating in Meme Coin with a small amount of capital is both embracing a trending topic and a risk-controlled endeavor.

He further pointed out that investors can focus on meme projects backed by a strong ecosystem and possessing a foundation of community consensus. For example, SunPump, a fair meme launch platform within the TRON ecosystem, combines community buzz with ecosystem empowerment potential. With SunPump and its automated token issuance AI assistant SunGenX, users can quickly discover trending projects, participate in market trends, and thereby deeply engage in an active ecosystem.

Meanwhile, a more definite theme was repeatedly emphasized by several speakers—stablecoins. Speaker 527 elaborated on this, arguing that the golden age for retail investors to profit may have only just begun. His core logic is that for the US to realize its vision of becoming a "crypto capital" and promote the on-chaining of dollar assets, the most direct way is to cultivate user habits through high-yield incentives and the expectation of airdrops. Based on this, he advised ordinary investors to focus on participating in various projects centered around dollar stablecoins, sharing in the industry's development dividends through active participation in ecosystem building.

In this trend, choosing a public blockchain with strong compliance backing, a robust stablecoin infrastructure, and a thriving DeFi ecosystem is crucial. The TRON ecosystem is an excellent embodiment of this trend.

TRON's compliance advantage lies in its official listing on Nasdaq in July 2025 (stock code: TRON) through "Tron Inc.", becoming one of the very few listed entities based on a blockchain mainnet. This milestone provides strong compliance endorsement for the entire TRON ecosystem. The listing is not merely a change in form; Tron Inc. has also filed documents with the SEC planning to issue up to $1 billion in hybrid securities, specifying that the funds will primarily be used to purchase TRX tokens and for corporate operations. This means that at least $1 billion in compliant capital can legally flow into TRON's on-chain ecosystem through this publicly listed company structure in the future.

Stablecoins also offer significant advantages. TRONSCAN data shows that the current issuance of USDT on the TRON network exceeds 78.5 billion, making it the dominant channel for on-chain flow of USD stablecoins. More importantly, the TRON ecosystem has strategically introduced USD1, a compliant stablecoin endorsed by the Trump family. This not only achieves a deep alignment with compliant USD but also represents a crucial step in proactively embracing the US regulatory framework and strengthening its legitimacy.

Meanwhile, TRON's DeFi projects are flourishing across the board. TRONSCAN data shows that the total value locked (TVL) in the TRON ecosystem exceeds $25.5 billion, with the core lending protocol JustLend DAO surpassing $7.3 billion in TVL, making it one of the most profitable key protocols within the ecosystem. Furthermore, TRON's first native perpetual DEX, "SunPerp," has also performed exceptionally well. Since its launch in September 2025, its trading volume has rapidly exceeded $1.8 billion, currently reaching a total trading volume of $2.98 billion, with over 29,000 registered users, demonstrating the development potential of this emerging sector.

More notably, the large-scale buyback and burn program for the ecosystem governance token JST has officially launched, injecting strong deflationary momentum into the ecosystem. According to the announcement, JustLend DAO has completed its first buyback using 17,726,141 USDT from its existing revenue, successfully burning 559,890,753 JST, approximately 5.66% of its total supply. This burn is not only substantial but, more importantly, establishes a sustainable "value flywheel" model. JustLend DAO's net protocol revenue and the excess returns from the USDD multi-chain ecosystem will continue to be used to buy back and burn JST, providing solid support for the token's long-term value.

As the guests pointed out, the industry is transitioning from a chaotic, unregulated phase to one of compliance and mainstream acceptance. This means that get-rich-quick stories will decrease, but sustainable money-making opportunities based on logic and ecosystem participation are emerging on a large scale. For ordinary participants, understanding the capital logic behind the "Crypto Capital" strategy and choosing to cultivate an ecosystem like TRON, which boasts a large stablecoin base, a thriving DeFi ecosystem, and a clear compliance path, is undoubtedly a rational strategy to seize this wave of opportunities.