U.S. Senators Elizabeth Warren and Jeff Merkley are making headlines once again, this time for their request that investment firm MGX and crypto exchange Binance preserve documents and communications related to the use of the Trump-affiliated World Liberty Financial’s stablecoin, USD1.
In a letter dated June 11, the senators called on the CEOs of both companies to safeguard specific information tied to a $2 billion transaction settlement using USD1 with the crypto exchange. They are seeking to understand the extent to which President Trump’s financial stake in USD1 influenced the decision to use this stablecoin over other forms of payment not connected to the President.
The senators are specifically asking for records of key players tied to World Liberty Financial, including President Trump and his sons Barron, Eric, and Donald Jr. They are also requesting communications from World Liberty Financial co-founders and Trump’s Special Envoy to the Middle East.
Warren and Merkley’s concerns come after they penned a letter to the Office of Government Ethics Acting Director, requesting an inquiry into the Trump family crypto platform’s multibillion-dollar deal. They raised concerns about the potential for foreign corruption and profit through the use of the stablecoin.
The senators have given Binance and MGX until June 24 to respond to their requests for information. This latest development adds to the ongoing scrutiny surrounding the use of USD1 in financial transactions involving the Trump family.
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