A group of Senate Democrats, including Senators Elizabeth Warren, Chris Van Hollen, and Richard Blumenthal, is demanding answers from the U.S. Treasury Department and Department of Justice about the Trump administration’s ties to cryptocurrency, specifically involving Binance and the Trump-linked stablecoin project, World Liberty Financial.
In a letter sent Friday to Treasury Secretary Scott Bessent and Attorney General Pam Bondi, seven Democratic senators raised concerns about regulatory oversight of Binance, which pleaded guilty to federal violations in 2023, paid a $4 billion settlement, and agreed to a three-year compliance monitoring program. Former CEO Changpeng Zhao also served a four-month prison sentence before stepping down.
Concerns Over Trump Family Involvement in Binance Deal
The senators pointed to recent media reports suggesting growing links between the Trump family and Binance. A March report by the Wall Street Journal revealed discussions between Trump representatives and Binance executives about a potential business deal.
More recently, World Liberty Financial — a decentralized finance project that publicly lists Donald Trump and three of his sons as team members — announced a $2 billion deal with Binance involving its USD1 stablecoin. The deal will reportedly be funded by Abu Dhabi investment firm MGX, according to the project’s co-founder Zach Witkoff.
“Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin,” the senators wrote.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/senate-democrats-probe-trumps-crypto-ties-and-binance-dealings/