Crypto is no longer just about money or tech anymore, it’s now a big part of politics, too. A fresh storm is brewing in Washington as top U.S. senators raise red flags over Donald Trump’s rising influence in crypto. They are asking questions about his reported links with Binance, one of the biggest crypto exchanges in the world.
And they want answers fast.
Democratic lawmakers, including Senator Elizabeth Warren and Chris Van Hollen, have raised serious concerns about President Donald Trump’s growing connection with the crypto world, especially with Binance, the world’s biggest crypto exchange.
Eventually, the concern came right after news broke that MGX, an investment firm from Abu Dhabi, plans to use a stablecoin called USD1, linked to Trump’s crypto venture, World Liberty Financial (WLFI), to invest $2 billion in Binance.
It’s not just about the money. Lawmakers are asking whether Trump and his allies might be influencing crypto policy behind the scenes. And that has some people worried.
Let’s not forget, Binance recently had to pay $4.3 billion in fines in a settlement with U.S. regulators. Its former CEO, CZ Zhao, also had to step down and serve a 4-month prison sentence, along with a $50 million personal fine.
This has made the senators question whether Trump is trying to protect Binance or benefit from the exchange.
Adding to the controversy, Trump has become increasingly active in the crypto world. From launching his own memecoin project that’s already pulled in millions from fees to hosting private dinners for top trump memecoin holders on May 22.
And with his family’s crypto company behind the USD1 stablecoin now tied to a Binance investment, his presence in the digital asset world is hard to ignore.
All this controversy began when the U.S. tried to pass new crypto rules. Senator Elizabeth Warren blocked a vote on a stablecoin bill called the GENIUS Act. Warren said lawmakers shouldn’t help “facilitate this kind of corruption” without asking the tough questions.
Senator Warren is now asking the Justice Department and Treasury for a full update. They want to know:
They’ve asked for a reply by May 21.
Trump is linked via a $2B investment involving his USD1 stablecoin and Abu Dhabi’s MGX fund investing in Binance.
USD1 is a stablecoin tied to Trump’s crypto venture, WLFI, now linked to major investments in Binance.
Binance claims to be exiting the U.S., but senators want clarity on its compliance and Trump’s possible influence.
The GENIUS Act is a stablecoin bill blocked by Senator Warren due to concerns over corruption and Trump-Binance links.
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