Elizabeth Warren, Jeff Merkley Press Binance, UAE Firm Over $2B Deal Involving Trump Family Stablecoin
U.S. Senators Elizabeth Warren (D-MA) and Jeff Merkley (D-OR) are requesting that investment firm MGX and crypto exchange Binance preserve documents and communications related to the use of the Trump-affiliated World Lib...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
U.S. Senators Elizabeth Warren (D-MA) and Jeff Merkley (D-OR) are requesting 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, according to a June 11 letter.
Senators Request $2 Billion Stablecoin Deal RecordsIn the letter addressed to the CEOs of the two companies, the senators demand that both Binance and MGX safeguard “specific information” tied to the government-owned Abu Dhabi firm’s $2 billion transaction settlement using USD1 with the crypto exchange.
“To help us better understand the extent to which President Trump’s financial stake in USD1 influenced your companies’ decision to use this stablecoin instead of other forms of payment not connected to the President of the United States, we request additional information and documents from MGX and Binance regarding the investment,” Merkley and Warren said.
The senators are urging the organizations to hand over records of key players tied to World Liberty Financial, including U.S. President Donald Trump and his sons Barron, Eric, and Donald Jr.
The duo is also requesting communications from World Liberty Financial co-founders Chase Herro, Zak Folkman, Zach Witkoff, and Alex Witkoff, as well as Steve Witkoff, Trump’s Special Envoy to the Middle East.
Massachusetts senators Elizabeth Warren and Ed Markey have called for an investigation into the “increasingly aggressive and intimidating tactics,” used by federal agents in immigration raids across the country. https://t.co/EMy3lu7sGQ
— The Boston Globe (@BostonGlobe) June 12, 2025“Like officials at WLF, we support efforts to promote the U.S. dollar,” the U.S. lawmakers added. “We do not, however, see use of USD1—an instrument that conveniently lines the pockets of the sitting U.S. President and his family—as essential to that effort.”
Foreign Influence Concerns Swirl Around USD1 SettlementNews of Warren and Merkley’s concerns comes after the lawmakers penned a May 5 letter to the Office of Government Ethics Acting Director Jamieson Greer requesting an inquiry into the Trump family crypto platform’s multibillion-dollar deal.
“This deal raises the troubling prospect that the Trump and Witkoff families could expand the use of their stablecoin as an avenue to profit from foreign corruption,” the senators state.
Elizabeth Warren and Merkley have given Binance and MGX until June 24 to respond.
The post Elizabeth Warren, Jeff Merkley Press Binance, UAE Firm Over $2B Deal Involving Trump Family Stablecoin appeared first on Cryptonews.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptonewsRelated market context
European Central Bank President Blocked Binance’s EU Entry: Report
Bitcoin Magazine European Central Bank President Blocked Binance’s EU Entry: Report European Central Bank President Christine Laga...
Bitcoin faces an October 18 test as Trump prepares new Russia tariffs
President Donald Trump’s new Russia sanctions law gives Bitcoin traders another macro deadline to watch: Oct. 18. On Sept. 18, Tru...
Binance brushes off Lagarde MiCA speculation, reaffirms Europe commitment
Binance declined to address reports of ECB intervention in its Greek MiCA bid, saying it remains committed to securing authorizati...
ECB President Christine Lagarde intervened to block Binance’s EU MiCA license: WSJ
Although the ECB holds no formal licensing authority under MiCA, high-level intervention led Greece to stall an application that r...
Bitcoin Price Stays Near $81,000 as Matrixport Ships 2,400 BTC to Binance
A wallet linked to BIT, the firm formerly known as Matrixport, dropped another 1,000 BTC worth $81.06 million into Binance on Satu...
Binance Follows Bybit into 24/7 FX Perpetuals with 100x USD/BRL Contract
Binance is adding foreign exchange to its crypto derivatives platform, starting with a 24/7 perpetual contract linked to the US do...