Senate Democrats are demanding an investigation into the ties between Binance and the Trump family.
The document mentions the exchange's use of the stablecoin USD1, issued by World Liberty Financial.
Democratic Senators Chris Van Hollen and Elizabeth Warren have urged federal officials to clarify the details of the cryptocurrency exchange Binance's links to digital assets that may relate to the family of U.S. President Donald Trump. The document was also signed by Sheldon Whitehouse and Richard Blumenthal, Bloomberg reports.
In a letter to Treasury Secretary Scott Besant and Attorney General Pam Bondi, the senators pointed to reports that in March the cryptocurrency exchange used the stablecoin USD1, issued by Trump's company World Liberty Financial, to settle a $2 billion deal with MGX.
Our concerns about Binance's compliance commitments are becoming even more acute, given recent reports that the company is using the Trump family's stablecoin to collaborate with foreign investment firms,” the letter states.
The letter notes that the possibility of further operations and expansion of Binance in the U.S. raises serious concerns, given the company's repeated violations of federal laws and regulations aimed at protecting citizens.
The senators asked Besant and Bondi to provide a report on the compliance with the plea agreement by May 21, to inform about the timeline for Binance's exit from the U.S. market, and to explain whether the World Liberty issue or the listing of the stablecoin USD1 was discussed with officials.