Here’s what happened in crypto today

Today in crypto, Australia’s crypto industry says more work needs to be done on draft crypto laws, the market saw a bump as the US and China made progress on a trade deal and Donald Trump’s pardon of Changpeng Zhao reportedly happened after a lobbying push that included $450,000 to Trump-linked lobbyists.

Australia’s crypto industry says more work needed on draft laws

Australia’s crypto industry has largely backed the government’s draft crypto legislation released last month to extend finance sector laws to the sector, but has told a Treasury consultation that closed on Friday that the Albanese Government must further clarify the laws.

“The draft legislation, as it stands, leaves some critical questions unanswered,” said Caroline Bowler, the former CEO of crypto exchange BTC Markets. “We support the government’s intent to bring structure to the digital asset sector. But structure must come with clarity.”

Crypto exchange Swyftx said in a consultation submission seen by Cointelegraph that laws would currently allow “a high degree of discretion” by the Treasury and regulators “to impose fundamental changes.”

It added that the draft laws don’t give enough clarity on how local platforms can legally source liquidity from offshore exchanges and was concerned that licensed financial advisers won’t be able to advise on cryptocurrencies.

Bowler added that the laws introduce multiple licenses “without clearly articulating the consumer benefit or the specific risks it seeks to address.”

Crypto.com general manager for Australia, Vakul Talwar, said the government should work to amend and introduce a bill “as quickly as possible,” which he predicted could happen as early as March.

Bessent signals trade deal framework between the US and China 

US Treasury Secretary Scott Bessent 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.