US senators ask DOJ, Treasury to consider Binance-Trump ties — Report
A group of Democratic senators is said to have sent a letter to the Directorate of the United States Ministry of Justice and the Treasury Department expressing his concerns about the bonds of US President Donald Trump with the cryptocurrency exchange and conflicts of potential interests to regulate the industry.
According to a Bloomberg report on May 9, the Democratic senators asked the Attorney General Pam Bondi and the Treasury Secretary Scott Besse to report on the stages that Binance had taken within the framework of his agreement to advocate in November 2023 with the American authorities, in the midst of the reports that Trump and his family had deepened links with the exchange.
This regulation saw Binance pay more than $ 4 billion in the context of an agreement with the Ministry of Justice, the Treasury and the Commodity Futures Trading Commission, and then dismissed its “CZ” Zhao.
However, since Trump won the presidency in 2024, many legislators accused the president of corruption of taking advantage of the crypto while being able to influence the laws and regulations on industry.
Trump launched his own same – who wins the millions of dollars in transaction costs – and offered the best token holders to attend an exclusive dinner in Washington, DC. His crypto venture World, adopo-backed, Liberty Financial has also recently announced that an investment company based in Abu Dhabi, MGX, would settle an investment of $ 2 billion in Binance using the stablecoin of the platform.
“Our concerns about Binance’s compliance obligations are even more urgent given the recent reports that the company uses the Trump family stable to associate with foreign investment companies,” said senators in the letter, according to Bloomberg.
In relation: Trump deceived the XRP push for the crypto reserve: report
https://www.youtube.com/watch?v=VKC5QCRVDC0
The StableCoin bill does not reach the American Senate
The letter occurred less than 24 hours after some of the same senators blocked a crucial vote on a bill to regulate the stablecoins, appointed the law on engineering. Senator Elizabeth Warren, who would have signed the letter and opposed the future on the stable bill, suggested that the Senate should not be aligned on “Facilitat[ing] This kind of corruption “of Trump.
Bessent said the Senate had “missed an opportunity” by not passing the Stable bill, but had not responded directly to any of the concerns of Trump’s crypto. It is not known whether or when the House could consider another vote on the bill.
In a report of April 23, the action of the non -support organization of the organization of democracy of the defenders said that around 40% of Trump’s net value was linked to the crypto. The group noted that the law on engineering, in its current version, “would not prevent President Trump from using his executive powers to establish a regulatory environment and an application program which favors his personal enrichment on the wider interests of the American stakeholders.”
In the midst of the concerns about stablecoin and the bills on the structure of the market, Zhao would have requested a federal pardon of Trump. Although the former CEO has already served four months in prison, forgiveness for his crime accusation could allow him to get more involved in the cryptography industry thanks to a management position.
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