{"id":128940,"date":"2025-05-09T20:15:29","date_gmt":"2025-05-09T20:15:29","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128940"},"modified":"2025-05-09T20:15:29","modified_gmt":"2025-05-09T20:15:29","slug":"us-senators-ask-doj-treasury-to-consider-binance-trump-ties-report","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128940","title":{"rendered":"US senators ask DOJ, Treasury to consider Binance-Trump ties \u2014 Report"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA group of Democratic senators has reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about US President Donald Trump\u2019s ties to cryptocurrency exchange Binance and potential conflicts of interest in regulating the industry.<br \/>\nAccording to a May 9 Bloomberg report, Democratic senators asked Attorney General Pam Bondi and Treasury Secretary Scott Bessent to report on the steps Binance had taken as part of its November 2023 plea agreement with US authorities, amid reports that Trump and his family had deepened connections with the exchange.<br \/>\nThat settlement saw Binance pay more than $4 billion as part of a deal with the Justice Department, Treasury, and Commodity Futures Trading Commission, and had then-CEO Changpeng \u201cCZ\u201d Zhao step down.<br \/>\nHowever, since Trump won the presidency in 2024, many lawmakers have accused the president of corruption from profiting off crypto while being in a position to influence laws and regulations over the industry.<br \/>\nTrump has launched his own memecoin \u2014 which earns the project millions of dollars in transaction fees \u2014 and offered the top tokenholders the opportunity to attend an exclusive dinner in Washington, DC. His family-backed crypto venture World Liberty Financial also recently announced that an Abu Dhabi-based investment firm, MGX, would settle a $2 billion investment in Binance using the platform\u2019s USD1 stablecoin.<br \/>\n\u201cOur concerns about Binance\u2019s compliance obligations are even more pressing given recent reports that the company is using the Trump family\u2019s stablecoin to partner with foreign investment companies,\u201d the senators said in the letter, according to Bloomberg.<br \/>\nRelated: Trump tricked into pushing XRP for crypto reserve: Report<br \/>\nStablecoin bill fails to pass the US Senate<br \/>\nThe letter came less than 24 hours after some of the same senators blocked a crucial vote on a bill to regulate stablecoins, named the GENIUS Act. Senator Elizabeth Warren, who reportedly signed the letter and opposed moving forward on the stablecoin bill, suggested the Senate should not be aligned with \u201cfacilitat[ing] this kind of corruption\u201d from Trump.<br \/>\nBessent said the Senate \u201cmissed an opportunity\u201d by not passing the stablecoin bill, but did not directly address any of the concerns over Trump\u2019s crypto interests. It\u2019s unclear if or when the chamber could consider another vote on the bill.<br \/>\nIn an April 23 report, the nonpartisan organization State Democracy Defenders Action said roughly 40% of Trump\u2019s net worth was tied to crypto. The group noted that the GENIUS Act, in its current version, \u201cwould not prevent President Trump from using his executive powers to establish a regulatory environment and enforcement agenda that prioritizes his personal enrichment over the broader interests of US stakeholders.\u201d<br \/>\nAmid the concerns with the stablecoin and proposed market structure bills, Zhao reportedly applied for a federal pardon from Trump. Though the former CEO already served four months in prison, a pardon for his felony charge could allow him to get more involved with the crypto industry through a management position.<br \/>\nMagazine: Trump\u2019s crypto ventures raise conflict of interest, insider trading questions<a href=\"https:\/\/cointelegraph.com\/news\/senators-investigation-binance-donald-trump?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA group of Democratic senators has reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about US President Donald&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128940"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128940"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128940\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128940"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}