Crypto Currents: Trump pardons Binance founder

President Trump has reportedly pardoned Binance founder Changpeng Zhao in a stunning development for the industry.. Coinbase CEO Brian Armstrong expresses optimism for a U.S. crypto market structure bill with bi-partisan support passing in November, while bitcoin miner Canaan gets a significant price target upgrade from Benchmark. Elsewhere, Standard Chartered analysts urge investors to buy any potential bitcoin dips, and Google’s quantum computing progress briefly revives old fears about crypto security. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio, Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

TRUMP PARDONS CONVICTED BINANCE FOUNDER CHANGPENG ZHAO: President Trump has pardoned Changpeng Zhao, the convicted founder of the Binance crypto exchange, on Wednesday. According to The Wall Street Journal, the pardon follows months of efforts by Zhao to support a crypto company associated with the Trump family. Sources familiar with the matter indicated the president was sympathetic to arguments that Zhao and others faced political persecution. Cryptocurrency exchange Binance is the issuer of the BNB token (BNB-USD).

COINBASE CEO SEES BIPARTISAN PATH FOR U.S. CRYPTO BILL: Coinbase (COIN) CEO Brian Armstrong stated there is strong bipartisan support in the Senate to pass the crypto market structure bill. According to an interview with CNBC, Armstrong said after meeting with Senate Democrats that he is optimistic the bill could be approved this year, with a committee vote possible in November. He claimed the committee aims to pass it by Thanksgiving. Armstrong also clarified that a recently leaked Democratic proposal to heavily regulate decentralized finance was “not a serious one”. Coinbase has supported the legislation, which Armstrong sees as providing long-awaited clarity that will be the next catalyst for unlocking more institutional participation.

CANAAN PRICE TARGET DOUBLED AT BENCHMARK: Benchmark raised its price target on crypto mining rig maker Canaan (CAN) to $4 from $2, reiterating its buy rating. CoinDesk reports that analyst Mark Palmer said the company’s outlook has brightened after Nasdaq confirmed Canaan regained listing compliance, removing a key overhang. Palmer noted rising demand for its Avalon mining rigs, highlighted by the company’s largest U.S. order in three years for over 50,000 units. The report also cited follow-on purchases of its immersion-optimized rigs by CleanSpark (CLSK). Canaan shares were trading up 5% around $1.79 in early trading.

STANDARD CHARTERED SAYS BUY THE BITCOIN DIP: Analysts at Standard Chartered believe any potential dip in bitcoin (BTC-USD) below $100,000 could be the last time the asset trades at that level. In commentary shared with BeInCrypto, Geoff Kendrick, the bank’s Head of FX and Digital Assets Research, urged investors to “buy the dip” if it comes. The bank is maintaining its year-end 2025 price target for bitcoin at $200,000. The note identified three key factors to watch: flows between gold and bitcoin, liquidity indicators, and technical support levels.

GOOGLE QUANTUM UPDATE STIRS OLD FEARS: The market was unfazed by an announcement from Google (GOOGL) regarding a “quantum advantage” milestone with its new Willow chip. According to CoinDesk, the news briefly revived old anxieties that quantum computers could one day break the cryptography securing bitcoin. However, the report notes that such a reality is still far off, and the market’s indifference may be the most bearish signal as traders await the next Federal Reserve meeting.

PRICE ACTION: As of time of writing, bitcoin (BTC-USD) was trading at $110,085.65, while ether (ETH-USD) was trading at $3,883.44 , according to price data from TipRanks.