According to reports, a gaggle of democratic senators have sent a letter to the management of the US Ministry of Justice and the Ministry of Finance, by which they’ve expressed concerns concerning the connections between US President Donald Trump on the exchange of cryptocurrency and potential conflicts of interest in regulating the industry.
According to a Bloomberg report on May 9, the democratic senators asked the Attorney General Pam Bondi and the Minister of Finance Scott Bessent to report on the steps that Binance had undertaken with the US authorities as a part of his consent from November 2023, in view of the reports that Trump and his family had deepened connections with the exchange.
In this agreement, Binance paid greater than $ 4 billion within the context of an agreement with the Ministry of Justice Commission, Treasury and Commodity Futures.
However, since Trump won the presidency in 2024, many legislators have accused the president of benefiting corruption of crypto and at the identical time with the ability to influence laws and regulations on the industry.
Trump launched his own memo coin, which earns the project of tens of millions of dollars of transaction fees and offered the highest token owner the chance to participate in Washington, DC, on an exclusive dinner. His Crypto Venture World Liberty Financial, supported by the family, recently announced that an investment company based in Abu Dhabi, MGX, can be kept an investment of $ 2 billion in Binance using the platform with the platform.
“Our concerns about Binance's compliance obligations are much more urgent, for the reason that recent reports that the corporate uses the Trump family's stablecoin to work with foreign investment corporations,” said the senators within the letter, in accordance with Bloomberg.
https://www.youtube.com/watch?v=VKC5QCRVDC0
Stablecoin Bill doesn’t say goodbye to the US Senate
The letter took place lower than 24 hours after a number of the same senators blocked a decisive vote on a draft law to manage stable coins called Genius Act. Senator Elizabeth Warren, who reports reported the letter and spoke out against the draft law in StableCoin, suggested that the Senate shouldn’t be transferred with “facilitat[ing] This style of corruption ”by Trump.
Bessent said that the Senate missed a probability by not adopting the StableCoin calculation, but had not addressed any of the concerns about Trump's crypto interest. It is unclear whether or when the chamber could consider further voting on the draft law.
In a report dated April 23, the impartial organization State Democracy Defenders Action said that around 40% of Trump's net assets were related to crypto. The group found that in its current version “President Trump wouldn’t prevent the genius law from using his executive powers as a way to create a regulatory environment and a assertive agent that prioritizes its personal enrichment before the more comprehensive interests of the US stakeholder.”
In the center of the concerns regarding the stable coin and proposed market structure calculations, Zhao has reported a federal pardon of Trump. Although the previous CEO had already served in prison for 4 months, he could enable him to pardon due to his crime to cope with the crypto industry more through a management position.
