Is Trump Shielding Binance? Senators Demand DOJ Clarity Amid $2B Stablecoin Deal
U.S. senators raise alarm over Trump’s crypto links as Binance, stablecoin USD1, and political influence collide in a $2B controversy.
Crypto Laddin
Author
Crypto Meets Politics: Senators Probe Trump’s Binance Ties
Crypto has become a political flashpoint in Washington. U.S. senators, including Elizabeth Warren and Chris Van Hollen, are pressing the Department of Justice (DOJ) for answers about Donald Trump’s growing influence in the crypto world—especially his potential ties to Binance, the world's largest crypto exchange.
The controversy erupted after MGX, an Abu Dhabi-based investment firm, announced a $2 billion investment in Binance using the Trump-linked stablecoin USD1. Lawmakers fear this move might indicate political interference in crypto regulations for personal gain.
Binance’s recent $4.3 billion settlement and the sentencing of its former CEO CZ Zhao have intensified scrutiny. Now, senators are asking:
- Is Binance complying with its exit agreement from the U.S.?
- Is the Trump-backed USD1 stablecoin being pushed for listing on Binance?
- Has a pardon for CZ been discussed behind closed doors?
With Trump’s increasing crypto involvement—ranging from memecoins to private dinners for investors—senators demand transparency. The DOJ and Treasury have been given until May 21 to respond.
