Democrats in the U.S. Senate are calling for an investigation into potential connections between the cryptocurrency exchange Binance and the family of former President Donald Trump. Among the initiators of this request are Senators Chris Van Hollen and Elizabeth Warren, who sent a corresponding letter to federal officials.
This is reported by Finway
Investigation Details
In their document, the senators highlighted reports that in March, Binance utilized the USD1 stablecoin issued by World Liberty Financial, a company owned by the Trump family, to settle a $2 billion deal with MGX.
“Our concerns regarding Binance’s compliance obligations are heightened by recent reports that the company is using the Trump family’s stablecoin to collaborate with foreign investment firms,” the letter states.
The senators also emphasized that the possibility of Binance’s continued operations in the U.S. raises serious concerns, given the company’s violations of federal legislative norms.
Demands to Officials
In the letter, the senators urged Treasury Secretary Scott Bessen and Attorney General Pam Bondi to provide a report on the compliance with the plea agreement, as well as the timeline for Binance’s exit from the U.S. market. They also inquired whether the issue related to World Liberty or the listing of the USD1 stablecoin had been discussed.
It is worth noting that the U.S. Senate had previously initiated a preliminary investigation into Donald Trump’s crypto business.