- U.S. senators are demanding answers about Donald Trump’s potential influence over crypto policy following a $2B Binance deal tied to his family’s stablecoin.
- Lawmakers worry Trump may be using his position to benefit personally from the crypto industry.
A political storm is brewing as U.S. lawmakers zero in on former President Donald Trump’s deepening ties to the cryptocurrency world—this time, through a potential $2 billion investment linked to Binance and a stablecoin allegedly tied to his crypto venture.
Top Democratic senators, including Elizabeth Warren and Chris Van Hollen, are demanding answers from the Department of Justice (DOJ) about Trump’s possible role in shaping crypto policy for personal gain. The concern? That Trump and his allies might be using influence to protect Binance, the world’s largest crypto exchange, just months after the platform paid $4.3 billion in fines and saw its CEO, CZ Zhao, sentenced to prison.
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At the heart of the matter is MGX, an Abu Dhabi-based investment firm planning to funnel $2 billion into Binance using a new stablecoin, USD1. That token is reportedly backed by World Liberty Financial (WLFI)—a crypto firm connected to the Trump family. Lawmakers fear the deal could blur the lines between personal enrichment and national crypto policy.
The implications are significant. If Trump, a major political figure and potential 2024 presidential candidate, is indeed influencing crypto regulations to benefit ventures he’s tied to, it could mark a troubling turn where digital assets become political currency.
Adding fuel to the fire, Trump has become increasingly active in the digital asset space. His TrumpCoin memecoin has generated millions, and on May 22, he’s expected to host an exclusive dinner for top token holders—further signaling his ambition to become a key player in the crypto scene.
Senator Warren’s move to block the GENIUS Act, a bill aimed at establishing federal rules for stablecoins, reflects just how seriously lawmakers are taking these concerns. “We shouldn’t greenlight legislation that could facilitate this kind of corruption,” she warned.
As questions pile up and scrutiny intensifies, the DOJ is under pressure to clarify whether Trump’s crypto connections represent a conflict of interest—or something far more serious.
