Scott Bessent Teases US-China Trade Deal, and CZ’s pardon

Today in crypto, US Treasury Scott Bessent signals trade framework deal reached, CZ’s pardon by Trump followed a lobbying push that included $450,000 to Trump-linked lobbyists, and Kyrgyzstan launches a stablecoin and confirms CBDC rollout with the help of Changpeng Zhao.

US Treasury secretary Scott Bessent signals trade deal framework between the US and China 

Scott Bessent, the Treasury secretary of the United States, said on Sunday that the US and China have made “substantial” headway on a trade deal framework between the two countries, stoking investor hopes that markets will resume their upward trajectory.

The prospective framework means the 100% additional tariffs on China, announced in October, will likely not be implemented, and he said the two countries would also collaborate on security agreements. Bessent added:

“President Trump gave me a great deal of negotiating leverage with the threat of 100% tariffs on November 1, and I believe we have reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese.”

Crypto markets reacted to the news positively, with the price of Bitcoin (BTC) rising by 3.2%, at the time of this writing, as investors and traders saw Bessent’s comments as a signal that the trade war will end soon and markets will rally to new all-time highs.

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.