Senate Democrats Question Binance-Trump Stablecoin Ties Amid Blocked Stablecoin Legislation
Democratic lawmakers are raising concerns over reported financial links between cryptocurrency exchange Binance and ventures tied to the Trump family, following a recently revealed $2 billion deal involving a Trump-backed digital token.
What Happened: Senators Chris Van Hollen of Maryland and Elizabeth Warren of Massachusetts sent a letter to top Treasury and Justice Department officials seeking details on the matter and its implications for ongoing federal oversight of Binance, according to Bloomberg.
The inquiry follows a report that USD1, a stablecoin issued by a company under Trump family control, was used in March to settle a multi-billion-dollar investment by Abu Dhabi’s MXG into Binance.
The transaction, first disclosed publicly on May 1, has triggered new scrutiny …
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