Trump Family’s Alleged Crypto Ties Spark Senate Scrutiny

Fresh controversy is brewing in Washington as several Senate Democrats demand an investigation into President Donald Trump’s reported entanglements with crypto heavyweight Binance.

The lawmakers are urging federal agencies to clarify whether existing compliance measures are being enforced—and whether political favoritism might be influencing enforcement.

The call for answers follows reports that individuals tied to the Trump family engaged in crypto-related business talks with Binance executives. A recent announcement by World Liberty Financial, a DeFi startup reportedly listing Trump and his sons as part of its team, revealed plans for a $2 billion transaction with Binance involving stablecoins and backing from Abu Dhabi’s MGX fund.

Lawmakers, including Senators Elizabeth Warren and Chris Van Hollen, sent a formal inquiry to the Treasury and Department of Justice, citing serious concerns over the integrity of Binance’s three-year compliance deal—struck after the company pleaded guilty to federal violations and paid a $4 billion fine in 2023. Former CEO Changpeng Zhao served a brief prison term as part of the resolution.

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The letter also questioned whether a presidential pardon for Zhao might be under consideration and requested updates on the enforcement of the plea deal’s terms. A response deadline has been set for May 21.

Meanwhile, crypto policy is becoming increasingly entangled in election-year politics. Senate Democrats recently blocked progress on a stablecoin regulation bill, while House tensions flared after a faction of Democrats exited a GOP-led hearing, citing concerns over Trump’s crypto affiliations.

Alexander Stefanov