Democratic senators, including Chris Van Hollen and Massachusetts' Elizabeth Warren, have requested answers from leading US officials about family and Trump -related crypto projects. Senators raised their concerns in a letter sent on May 9 to Treasury Secretary Scott Bessent and Attorney General Pam Bondi.
The letter noted that the notion of Trump's administration that allowed Binance to continue operating and expanding the US was disturbing. It also featured that Binance repeatedly showed a disregard for federal law and regulations to keep Americans safe.
Senators raised concerns about Trump's connection to Binance
The potential for corruption here is simply exhausting.
– Elizabeth Warren (@ewarren) May 7, 2025
Senators raised concerns in a Friday letter sent to Treasury Secretary Scott Bescent and Attorney General Pam Bondi, looking for answers about President Donald Trump's connection to a crypto exchange found to be guilty of breach The laws in laundering and penalties in the US. The letter was also signed by Senator Sheldon Whitehouse of Rhode Island and Richard Blumenthal of Connecticut.
Just a day before the letter, Senate Democrats blocked a long -awaited Stablecoin bill. Democrats found that USD1, a virtual owned by a company controlled by the Trump family, was used to resolve a $ 2 billion investment in MGX binance in March.
The company investment technology based on Abu Dhabi announced Its contribution to pay for Trump's $ 100 billion initiative to fund the artificial intelligence infrastructure, one day after Trump's inauguration. The MGX made the public transaction on May 1st.
The deal is linked to the US president with the largest crypto exchange worldwide, seeking sin in sweeping the failures in compliance with less than two years ago. Binance's former CEO Changpeng Zhao, also sought a sin and came down from his paper, after which he served for four months in a US prison.
“Our concerns about Binance obligations are further forced to provide recent reports that the company uses the Trump family's stablecoin to partner with foreign investment companies.” Senators Chris Van Hollen and Elizabeth Warren expressed in the letter.
The Senate Democrats prevented the law of Stablecoin Thursday, which is part of the lack of a language of the language. They also want a provision that prohibits Trump and other older officials from reproducing from digital asset ventures while in office.
It was previously reported that the Trump family-backed World Liberty Financial explored business opportunities with Binance. Representatives of the President's family also conducted discussions with Binance about hiring a stake in the US affiliate, –Binance.us.
The report also accused that Zhao had pushed for a presidential forgiveness from the Trump administration. The former executive of Binance Senior revealed In a recent Farokh Radio Podcast that he has already obtained lawyers applying for a forgiveness.
Senators Warren and Hollen Beslent and Bondi asked to report on May 21 the steps they took to ensure that Binance complied with its request. Senators also requested updates on the US exchange exit plan, including a timeline.
They pressed clarity if Binance increased the subject of a potential forgiveness for Zhao with any Treasury Officer or Department of Justice. Senators also asked if Binance had discussed the WLFI or its interest in listing a new stablecoin in Binance with department officials.
Senate provisions are Trump's adventure connections to potential ethical violations
🚨 Trump's crypto relationship under investigation! 🚨
An investigation into the Senate dived to President Trump's connections to $ Trump Meme Coin and World Liberty Financial (WLF) – Resist the concerns of foreign influence and potential ethical violations.
Sen. Richard Blumenthal will call for a… pic.twitter.com/63INTW3FEC
– moonopol.com Intern (@moonopoldotcom) May 7, 2025
Democrat's rank in the Senate Permanent Subcomm Committee on Investigations within the Committee on Homeland Security and Government Affairs, Richard Blumenthal, sent letters on May 7 to Bill Zanker of Fight Fight LLC and Zach Witkoff, WLFI's co-founder.
Letters contain questions about the ownership and investment structure of many affiliated contacts with Trump, including CIC Digital LLC, Fight Fight Fight LLC, Celebration Cards LLC, DTTM Operations LLC, as well as World Liberty Financial and its associations.
Letters have introduced that the permanent subcutaneous investigation of the investigation is investigating the potential conflicts of interest and legal violations involving Trump's crypto entities and the financial dealings of associated businesses with foreign citizens, foreign governments, and other digital asset companies. Questions include how companies blocked investments from foreign governments, their generation of income, and whether individuals faced with persecution or investigation may participate.
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