A group of Democratic senators have reportedly sent a letter to the leadership of the Department of Justice, which expressed concerns about U.S. President Donald Trump’s exchange of binary and potential conflicts of interest with cryptocurrencies in regulating potential conflicts of interest in the industry.
Democratic senator, according to a May 9 Bloomberg report ask Attorney General Pam Bondi and Finance Secretary Scott Bessent November 2023 plea agreement It is reported that Trump and his family’s ties to exchanges have deepened their ties to the U.S. authorities.
The settlement allowed Binance to pay more than $4 billion as part of a deal with the Justice Department, Treasury and the Commodity Futures Trading Commission, which then-CEO Changpeng “CZ” Zhao climbed on the decline.
But since Trump won the presidency in 2024, many lawmakers have accused the corrupt president of seeking cryptocurrency in a situation where he has the ability to influence the industry’s laws and regulations.
Trump has launched his own souvenirs – the project earned millions of dollars in transaction fees for the project – and offers top bidders the opportunity to attend exclusive Washington, D.C. dinners.
His family-backed cryptocurrency world free finance company recently announced that MGX, an investment firm based in Abu Dhabi, will Reconcile $2 billion in investment Use the USD1 Stablecoin of this platform for induction.
“In light of recent reports that the company is using the Trump family’s stable companies to work with foreign investment companies, our focus on Binance’s compliance obligations is even more urgent,” Bloomberg said in the letter.
Related: Trump spoofs pushes XRP to crypto protected areas: Report
https://www.youtube.com/watch?v=vkc5qcrvdc0
Stablecoin bill fails to pass U.S. Senate
The letter was less than 24 hours after some of the same senators Blocked key votes Under the bill that regulates stabilizers, it is called the Genius Act. Senator Elizabeth Warren reportedly signed the letter and opposed moving forward on the stability bill Recommended to the Senate It should not be consistent with Trump’s “this corruption.”
carnival explain The Senate “missed the opportunity” because they did not pass the Stablecoin bill but did not directly address any concerns about Trump’s cryptocurrency interests. It is not clear whether or when another vote on the bill can be considered in the Chamber.
In a report on April 23, nonpartisan organization of national democracy defenders action explain About 40% of Trump’s net worth is related to cryptocurrency. The group notes that the Genius Act in the current version “will not prevent President Trump from using his executive power to establish a regulatory environment and law enforcement agenda that prioritizes his personal abundance rather than the broad interests of U.S. stakeholders.”
According to reports Apply for federal amnesty From Trump. Although the former CEO has been sentenced to four months in jail, the pardon on his felony charges may allow him to participate more in the cryptocurrency industry through his management position.
Magazine: Trump’s cryptocurrency business sparks conflict of interest, insider trading issues
