币安计划重返美国市场，赵长鹏或将减持股份？

Core Viewpoint - Binance is attempting to re-enter the U.S. market after a tumultuous relationship since its exit in 2019, with founder Zhao Changpeng's (CZ) influence being both a potential asset and a significant obstacle [1][3][12]. Group 1: Strategic Moves - The turning point for Binance occurred in October 2025 when former President Donald Trump pardoned CZ, allowing him to re-enter the public sphere and signaling Binance's intent to help the U.S. become a cryptocurrency hub [3]. - Despite the pardon, CZ's legal restrictions prevent him from participating in Binance's operations, complicating the company's efforts to obtain necessary licenses in the U.S. [3][11]. - Binance is considering restructuring Binance.US by introducing new capital or buying out CZ's majority stake to signal compliance and a fresh start to regulators [4][12]. Group 2: Partnerships and Political Relations - Binance is deepening its relationship with BlackRock, the world's largest asset management firm, to enhance liquidity and product support, which is crucial for its legitimacy in the U.S. market [4]. - The company is also seeking closer ties with World Liberty Financial (WLFI), a crypto venture capital firm linked to the Trump family, to leverage political connections for its U.S. market re-entry [5]. Group 3: Internal Dynamics and Influence - Binance's internal power structure is shifting, with co-founder Yi He appointed as co-CEO alongside Richard Teng, raising questions about the continuity of CZ's influence within the company [8]. - CZ's personal brand continues to dominate the market, as evidenced by a prediction market that gauges his mentions of specific terms during public appearances, highlighting his ongoing impact on the ecosystem [9]. Group 4: Challenges Ahead - Binance.US faces significant challenges, with its market share plummeting from 35% to nearly zero, and many state licenses revoked or unapproved [11]. - Political backlash against CZ's pardon from prominent Democratic figures indicates ongoing resistance to Binance's re-entry into the U.S. market [11]. - The stalled market structure bill in Congress, aimed at creating a unified federal licensing system, adds to the uncertainty surrounding Binance's future in the U.S. [11][12].