Чанпэн Чжао в ответ на критику Питера Шиффа: Токенизированное золото — это просто пустые обещания Translation: Headline: Changpeng Zhao Responds to Peter Schiffs Criticism: Tokenized Gold is Just Empty Promises

Renowned cryptocurrency critic Peter Schiff recently discussed a new RWA product but quickly found himself facing sharp criticism from Binance founder Changpeng Zhao (CZ).

Schiff Gold is in the process of developing an application that will allow users to buy physical gold, followed by the tokenization of ownership rights, Schiff mentioned in a recent interview.

According to him, users will be able to make payments using portions of the precious metal via debit cards. He referred to gold as the «perfect asset for blockchain,» asserting that tokenization serves as «a bridge between traditional values and the digital economy.»

«Now everyone will be able to carry precious metal on their smartphones,» he pointed out.

CZ criticized the concept, stressing that tokenized gold is «backed by empty promises.»

«Tokenized gold is not an on-chain asset. You are digitizing trust that a third party will one day deliver the precious metal to you—even after changes in management, possibly decades later, during a war, and so on. […] That’s why no gold coin has ever gained popularity,» he stated.

In response, Schiff argued that intermediaries are a normal part of any market. He claimed, «People have trusted third parties to store gold for centuries.» He cited Brinks, which has securely held precious metals for over 160 years, claiming they have «never lost an ounce.»

«Tokenized gold operates on the same principles as stablecoins. Does that mean you are against the entire industry?» he added.

Bloomberg analyst Eric Balchunas noted that Schiff’s proposed structure already exists in traditional finance:

«Congratulations, you’ve just invented an ETF.»

The expert referenced gold investment funds like AAAU by Goldman Sachs and OUNZ by VanEck.

Later, Schiff suggested to CZ that they engage in a full debate and launched a poll among followers to decide on a moderator. Among the candidates were Elon Musk, Joe Rogan, Tucker Carlson, and Russell Brand.

On October 23, U.S. President Donald Trump pardoned the founder of Binance. The politician remarked that Zhao faced «persecution» from the administration of former president Joe Biden.

In response to reporters’ inquiries, Trump also highlighted that many had supported CZ and recommended his pardoning for a long time.

«Are you talking about that crypto guy? Many say he did nothing wrong. I don’t know him, and I don’t think I’ve ever 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 said during a press conference.

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

«Pardoning Changpeng Zhao, who admitted guilt in money laundering and facilitating suspicious operations involving drug dealers and terrorists, is a shocking yet predictable reflection of Trump’s presidency, characterized by corruption, self-interest, and loyalty to criminals rather than 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, asserting that Warren «can’t get her facts straight while making a public statement about the charges against someone.» The Binance founder added that it was Warren who declared war on the crypto industry just five days before his sentencing.

«Do we need an even clearer example of how the ‘Biden Justice Department’ is being weaponized against the crypto market?» he concluded.

It is worth noting that Zhao was released from prison in 2024 after serving a four-month sentence.

As part of a deal with the Justice Department, he agreed to pay a $50 million fine and step down as CEO of Binance.

The exchange permanently banned CZ from management, though Richard Teng noted that Zhao remains the site’s largest shareholder.