Чанпэн Чжао отвечает критикам: биткоин и токенизированное золото – вопросы доверия и роль посредников Translation: Changpeng Zhao responds to critics: Bitcoin and tokenized gold – issues of trust and the role of intermediaries.

Renowned cryptocurrency critic Peter Schiff recently discussed a new RWA product, only to face sharp criticism from Binance founder Changpeng Zhao (CZ).

Schiff Gold is in the process of creating an app that allows users to purchase physical gold, which will then be tokenized to represent ownership rights. In a recent interview, Schiff expressed that users could make payments in portions of the precious metal through debit cards. He referred to gold as the «perfect asset for blockchain» and described tokenization as a «bridge between traditional values and the digital economy.»

“Now you will all be able to carry precious metal on your smartphones,” he remarked.

CZ countered this idea, asserting that tokenized gold is «backed by empty promises.»

“Tokenized gold is not an on-chain asset. You are digitizing trust that some third party will eventually provide you with the precious metal in the future—even after a change in leadership, possibly decades later, during a war, and so on. […] This is why no gold coin has gained popularity,” he stated.

In response, Schiff argued that intermediaries are a normal part of any market. He noted that «people have trusted third parties with gold storage for centuries.» He cited Brinks as an example, a company that has been holding precious metals for over 160 years without losing an ounce.

“Tokenized gold operates under the same principles as stablecoins. Does that mean you are against the entire industry?” he added.

Bloomberg analyst Eric Balchunas pointed out that the structure Schiff proposed already exists in traditional finance:

“Congratulations, you have just invented an ETF.”

He referred to the «gold» investment funds AAAU from Goldman Sachs and OUNZ from VanEck.

Later, Schiff suggested to CZ that they engage in a full debate, launching a poll among his followers on who should moderate it. Among the candidates are Elon Musk, Joe Rogan, Tucker Carlson, and Russell Brand.

On October 23, U.S. President Donald Trump pardoned the Binance founder. The politician stated that Zhao had faced “persecution” from former President Joe Biden’s administration.

In response to journalists’ questions, Trump also mentioned that many had supported CZ and had long recommended him for a pardon.

“Are you talking about that crypto guy? Many say he is innocent. I don’t know him, and it seems I’ve never met him. They say what he did isn’t even a crime… so I pardoned him at the request of many very good people,” he stated during a press conference.

Democratic Party representatives criticized the president’s decision. Congresswoman Maxine Waters accused Trump of corruption.

“The pardon of Changpeng Zhao, who has pleaded guilty to money laundering and facilitating suspicious transactions involving drug dealers and terrorists, is a shocking yet predictable reflection of the nature of [Trump’s] presidency, characterized by corruption, personal gain, and loyalty to criminals instead of the interests of the American people,” she stated.

Senator Elizabeth Warren joined Waters, emphasizing that CZ received a pardon for lobbying on behalf of the president’s crypto projects.

Zhao responded to the attacks, emphasizing that Warren “cannot grasp the facts when making a public statement about someone’s accusations.” The Binance founder added that it was Warren who declared war on the crypto industry just five days before his sentencing.

“Do you need an even clearer example of the Biden Justice Department being weaponized against the crypto market?” he concluded.

For reference, Zhao was released from prison in 2024 after serving a four-month sentence.

As part of an agreement with the Justice Department, he agreed to pay a $50 million fine and resign as CEO of Binance.

The exchange has permanently removed CZ from management, but Richard Teng noted that Zhao remains the largest shareholder of the platform.