The story CZ says WSJ got wrong

May 23, 2025

Reading time: 5 minutes

TRUMP token dinner sparks political firestorm, memecoin chaos, and DINNER’s 2,312% surge

Key points:

  • Trump’s private dinner with $TRUMP holders triggered political backlash, protest rallies, and a selloff that tanked TRUMP’s price.

  • While TRUMP dipped, a surprise spin-off memecoin called DINNER surged 2,312% in 24 hours.

News - President Donald Trump’s high-profile $TRUMP token dinner at his Virginia golf club may have been headline gold, but it’s now a political lightning rod.

The closed-door dinner for the top 220 holders of Trump’s Solana-based memecoin drew fierce backlash from Democrats, advocacy groups, and parts of the crypto community. Protesters held signs reading “Grift Gala” and “Crypto Corruption,” while Sen. Elizabeth Warren slammed the event as an “orgy of corruption.” Rep. Maxine Waters introduced the Stop TRUMP in Crypto Act, a bill that would ban sitting presidents and their families from launching or holding digital assets.

Sun defends memecoins, Trump’s crypto embrace - Despite the outcry, Justin Sun, founder of Tron and one of the confirmed dinner guests, dismissed the criticism. Sun said Trump’s pro-crypto stance was “one of his best decisions” and argued that memecoins have merit, comparing them to startups with strong narratives. He also voiced support for Trump’s broader crypto-friendly positioning as a geopolitical counter to China’s tech dominance.

Market whiplash: TRUMP dips, DINNER explodes - The dinner also delivered memecoin market drama. As per major reports, 92 of the 220 invitees sold their TRUMP tokens before or during the event, leading to a 3.3% price dip.

But in a bizarre twist, a spinoff token called Trump Dinner (DINNER), launched two days earlier, skyrocketed 2,312% to a $48 million market cap, stealing the spotlight.

TRUMP now struggles to hold support above $14.53, with analysts warning of a possible slide to $13.36 if sentiment worsens.

CZ slams WSJ’s ‘fixer’ allegations: Denies role in Trump-linked crypto project, blames media bias

Key points:

  • Binance founder CZ denied WSJ claims that he acted as a “fixer” for Trump-linked World Liberty Financial (WLF).

  • He accused the paper of biased reporting, misinformation, and being part of a broader anti-crypto media narrative.

News - Binance’s co-founder Changpeng “CZ” Zhao is firing back at a recent Wall Street Journal report that claims he facilitated connections between Trump-affiliated crypto project World Liberty Financial (WLF) and foreign officials.

The WSJ report linked CZ to meetings in Pakistan, Malaysia, and Kyrgyzstan, suggesting he helped secure diplomatic access for WLF, led by Steve and Zach Witkoff, known Trump allies. It also implied that WLF’s business moves overlapped with Trump-linked influence campaigns, raising concerns about blurred lines between crypto and politics.

CZ quickly refuted the story in a lengthy X post, calling it a “hit piece” filled with wrong assumptions. “I’m not a fixer for anyone,” he wrote. “I met Mr. Saqib [the Pakistani official] for the first time during that trip. They already knew each other.”

WLF denials and CZ’s context - CZ said he has no personal or business ties to WLF, nor did he play any role in connecting the firm to officials. He also criticized the report’s narrative arc, arguing that it misrepresented coincidental travel overlap as intentional coordination. His post emphasized Binance’s global presence and frequent diplomatic outreach, especially in Asia and MENA regions.

“Misinformation, paid smears, and political targeting” - CZ didn’t stop at denial. He accused the WSJ of publishing misinformation with the intent to damage crypto’s public image in the U.S. In another post, he claimed “someone paid WSJ employees” to slander him and push a narrative aligned with U.S.-based crypto lobbyists. The article, he argued, is part of an effort to undermine crypto-friendly administrations.

While community reactions remain divided, Binance’s token BNB held steady at $664, with no major market impact. But CZ’s allegations have reignited debate over media credibility, crypto regulation, and the political forces shaping the narrative.

WSJ: JPMorgan, Citi, BoFA consider joint stablecoin amid crypto and regulatory pressure

Key points:

  • WSJ reports that major U.S. banks, including JPMorgan, Citi, BoFA, and Wells Fargo, are exploring a jointly issued stablecoin to modernize payments and counter crypto-native competition.

  • The news comes as the GENIUS Act advances in Congress and Citigroup forecasts a $3.7 trillion stablecoin market by 2030.

News - According to a new Wall Street Journal report, several of America’s largest financial institutions, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are in early-stage discussions to launch a joint stablecoin initiative.

The banks are reportedly in talks with key payments infrastructure players like Early Warning Services (operator of Zelle) and The Clearing House, exploring how a shared digital dollar could streamline U.S. payments. While no formal project has launched yet, insiders suggest the urgency has grown amid rising crypto competition and incoming stablecoin regulation.

The effort arrives just as the GENIUS Act, the U.S. Senate’s landmark stablecoin bill, advances toward floor debate. If passed, the legislation would provide a full regulatory framework for payment stablecoins, covering AML requirements, collateral backing, and issuance approvals. The bill has bipartisan momentum, despite recent amendments targeting figures like Donald Trump from profiting via stablecoins.

Stablecoins gain regulatory traction - The GENIUS Act has helped shift stablecoins from regulatory gray zones to potentially licensed payment instruments. This shift has not gone unnoticed by Wall Street, which now sees stablecoins as a core infrastructure opportunity, rather than a fringe threat.

Wall Street scrambles to catch up - Traditional banks are now in “catch-up mode” after years of trailing fintechs and crypto-native firms in digital innovation.

The stablecoin market cap stands at $245B today, and Citigroup projects it will hit $3.7 trillion by 2030. Meanwhile, tech giants like Meta and political ventures like USD1 are testing their own tokens, increasing pressure on incumbent institutions to act fast, or risk losing relevance.

Hyperliquid pushes 24/7 crypto derivatives in CFTC filing as U.S. approval nears

Key points:

  • Hyperliquid submitted formal comments to the CFTC supporting round-the-clock crypto derivatives trading using DeFi infrastructure.

  • The filing coincided with a 15% price surge in HYPE token and comes as U.S. regulators hint that crypto perps may launch “very soon.”

News - Decentralized derivatives platform Hyperliquid is taking its case to Washington. On May 23, the project announced it had submitted two formal comment letters to the U.S. Commodity Futures Trading Commission (CFTC) advocating for the approval of 24/7 perpetual futures trading, a DeFi-native standard long supported offshore but still unregulated in the U.S.

In its submission, Hyperliquid argued that DeFi protocols can meet or exceed TradFi standards in terms of market integrity, efficiency, and user protection. “Supporting DeFi in the U.S. is an opportunity to ensure the country remains a global financial innovator,” the team said.

The move comes as outgoing CFTC Commissioner Summer Mersinger told Bloomberg that crypto perpetuals could launch “very soon” in the U.S. “We’re already seeing applications,” she said, adding that such products would be a major win for the domestic market.

From regulator to lobbyist: Mersinger’s pivot - Mersinger is stepping down from the CFTC to become the next head of the Blockchain Association, a crypto lobbying powerhouse. Her exit, alongside three other commissioner departures, has raised concerns about regulatory momentum, but also opens the door to Trump-aligned appointees who may fast-track derivatives frameworks.

Market reaction: HYPE surges, confidence builds - Following Hyperliquid’s announcement, its native token HYPE jumped 15%, outperforming broader markets. Traders viewed the engagement as a bullish signal that the project is aligning early with U.S. regulatory efforts. The coordinated push, amid signs of growing policy clarity, has reinforced sentiment that onshore perps may soon be a reality.

Crypto scams uncovered

  • President Donald Trump hosted a gala dinner for top holders of his $TRUMP memecoin, including controversial crypto mogul Justin Sun. Critics highlight ethical concerns, noting that Trump-affiliated entities have earned over $312 million from the coin, with allegations of foreign influence and lack of transparency.

  • The U.S. Securities and Exchange Commission (SEC) charged Unicoin and its top executives, including CEO Alex Konanykhin, for misleading investors and raising over $100 million through false statements about their cryptocurrency offerings.

  • Coinbase revealed that scammers bribed external support agents to access sensitive customer data, affecting less than 1% of users. The breach could cost the company up to $400 million, with efforts underway to reimburse affected customers and enhance security measures.

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Top 3 coins of the day

Injective (INJ)

Key points:

  • At press time, INJ was trading at $14.52, up 3.35% over the last 24 hours.

  • It climbed to a new May high, with momentum indicators hinting at further upside potential.

What you should know:

INJ gained over 3% on the day, continuing its sharp rebound from the $11.50 support zone. The price pushed to a new local high and pierced the upper Bollinger Band, indicating increasing volatility as buying pressure built. The Squeeze Momentum Indicator (Lazybear) remained firmly bullish, showing bright green bars and suggesting that momentum had not yet peaked. Volume also remained elevated, supporting the continuation of the uptrend. If bullish sentiment persists, INJ could target resistance around the $15.80–$16.00 range. A short-term cooldown could find support near the Bollinger Band midline around $12.00.

Worldcoin (WLD)

Key points:

  • At press time, WLD was trading at $1.55, up 2.44% over the last 24 hours.

  • It surged past resistance near $1.30, backed by a fresh Supertrend buy signal and rising volume.

What you should know:

WLD gained over 2% on the day, breaking out of a consolidation phase with renewed bullish momentum. The move followed news of a $135 million token sale to a16z and Bain Capital Crypto, executed without discounts or lock-ups, signaling strong institutional confidence. The capital will fund the expansion of World ID, which has seen rapid adoption in Asia and the U.S. The Supertrend flipped to a “Buy” signal, and the MACD remained bullish with green histogram bars confirming upward pressure. Volume spiked significantly, validating the breakout. If momentum holds, WLD could retest the $1.80–$2.00 range next. On the downside, the $1.30–$1.35 area serves as the first major support zone.

Sui (SUI)

Key points:

  • At press time, SUI was trading at $3.83, down 1.36% over the last 24 hours.

  • It hovered just below the $4.00 mark after failing to establish a clear breakout.

What you should know:

SUI posted a mild decline after struggling to sustain momentum above the $4.00 resistance level. The 9-day SMA acted as dynamic resistance, with multiple rejections over the past week. Moreover, the latest price movement came in the wake of a $260 million exploit targeting Cetus Protocol, Sui’s largest DEX. The hack, driven by spoof tokens and oracle manipulation, triggered double-digit losses across Sui-based tokens. Surprisingly, SUI itself only dipped briefly before recovering, supported by speculative buying and Binance’s public offer of assistance. The Awesome Oscillator signaled fading bullish momentum, while volume declined slightly, suggesting caution among traders. If bears take over, SUI could revisit support near $3.50. A confirmed breakout above $4.00 would be needed to regain bullish strength and target $4.50 next.

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