Today in crypto, CZ’s pardon by Trump followed a lobbying push that included $450,000 to Trump-linked lobbyists and $290,000 to former SEC chair contender Teresa Goody Guillén, Kyrgyzstan launches a stablecoin and confirms CBDC rollout with the help of Changpeng Zhao. Meanwhile, competition in the Bitcoin mining industry is intensifying, with smaller miners gaining ground on their larger rivals in realized hashrate.
CZ’s pardon came after costly Binance lobbying push in Washington: Politico
Former Binance CEO Changpeng “CZ” Zhao’s pardon by US President Donald Trump came after an extensive and expensive lobbying campaign in Washington.
Zhao, who served a four-month prison sentence last year for violating US Anti-Money Laundering (AML) laws, benefited from a months-long effort by Binance and its legal team to win over key figures in Trump’s orbit, according to a Sunday report by Politico.
In late September, Binance hired Ches McDowell, a close associate of Donald Trump Jr., and his North Carolina-based firm Checkmate Government Relations to lobby the White House and Treasury Department on “executive relief,” the report claimed.
Checkmate, one of Washington’s fastest-growing firms, received $450,000 for one month’s work. The firm has also racked in $7.1 million in revenue during the last three months alone, according to Politico.
Kyrgyzstan rolls out new stablecoin while confirming CBDC plans
Kyrgyzstan has rolled out a new stablecoin pegged 1:1 to the Kyrgyzstani som, while confirming plans to issue a central bank digital currency and explore a digital asset reserve.
The KGST stablecoin will run on the BNB Chain, and BNB (BNB) would be included in the crypto reserve if launched, according to former Binance CEO Changpeng ‘CZ’ Zhao, a strategic adviser who attended the National Council for the Development of Virtual Assets and Blockchain Technologies’ second meeting on Friday, alongside President Sadyr Japarov.
Local media outlet KG24 said Kyrgyzstan’s crypto committee must ensure the KGST stablecoin is listed on international platforms and submit proposals for creating a national crypto reserve within two months.
Updates from Kyrgyzstan🇰🇬
– The National Stablecoin launched, on @BNBChain
– The CBDC is ready for rollout. Yes, both. CBDC will be used for gov related payments, etc
– The National Cryptocurrency Reserve set up, #BNB included
– LE training
– Binance Academy with 10 top… https://t.co/KPrL0pnsWG pic.twitter.com/SInh5aCPMZ— CZ 🔶 BNB (@cz_binance) October 25, 2025
Japarov also advised the Ministry of Economy and Commerce to continue crafting a legislative framework for virtual assets and for the National Bank of the Kyrgyz Republic to begin pilot testing of the digital som.
The pilot will run in three stages, building on the National Bank’s demo of the digital som platform built with Build Block TECH. It will first connect commercial banks to enable transfers, then link the Central Treasury for social and government payments, and finally test offline and low-connectivity transactions ahead of a national rollout.
Smaller Bitcoin miners gain ground on larger rivals
The Bitcoin mining industry is experiencing rising competition following the 2024 halving, with mid-tier miners narrowing the gap in realized hashrate as challenging post-halving economics persist.
Recent data from The Miner Mag shows that public miners such as HIVE Digital, Bitdeer and Cipher Mining have expanded their realized hashrates after years of infrastructure investment. These companies are now catching up to the largest players, including MARA Holdings, CleanSpark and Cango.
Publicly listed Bitcoin miners now account for nearly one-third of Bitcoin’s total network hashrate, The Miner Mag said.
The sector’s growth is partly driven by a sharp increase in borrowing to finance new infrastructure investments. As Cointelegraph reported, total debt across the Bitcoin mining industry has surged to $12.7 billion, up from $2.1 billion just 12 months ago.
