$2-B Crypto Deal Gets Senate Spotlight: Warren Calls For Probe Into Trump Family

Based on reports Senators Elizabeth Warren and Elissa Slotkin have asked three federal agencies to open probes into what they call a troubling $2 billion crypto transaction linked to US President Donald Trump’s ￰0￱ letter sent to the State Department Commerce Department

and the Department of Ethics names two senior figures — David Sacks and Steve Witkoff — and presses for quick answers about their ￰1￱ Call For Investigation The senators say Sacks who advises on AI and crypto and Witkoff

a special envoy to the Middle East were involved in a complex deal that connected Abu Dhabi’s MGX Binance and a stablecoin called ￰2￱ indicate the deal was first announced in March and was detailed again in a September New York Times ￰3￱ to the senators

the arrangement was not a simple investment but part of a set of actions that could have opened doors for foreign access to US AI ￰4￱ Of The Transaction At the center is USD1 a token issued by World Liberty Financial a company tied to the president’s ￰5￱ on reports MGX moved money in a transaction valued at $2 billion that involved Binance and the USD1 token as part of the ￰6￱ want to know who negotiated which terms

and whether any official acts or policy pushes were influenced by private gain tied to that ￰7￱ Security Concerns Raised Warren and Slotkin argue the case raises serious national security ￰8￱ wrote that certain officials appear to have pushed for policy changes that would make advanced US AI technology more accessible to the ￰9￱ senators warned that “no place in the US government” should be found for mixing official duties with private business ￰10￱ also said that until answers arrive Congress should be wary of any rules that could benefit politically connected crypto ￰11￱ Push Back On Industry-Authored Bills Senator Warren has said she supports clearer rules for digital assets but will oppose measures “written by the crypto industry.” Slotkin echoed that view

urging clarity before moving on market reforms and stressing that lawmakers must be sure crypto money is not shaping national security ￰12￱ House passed its version of a digital asset bill the CLARITY Act which drew 78 Democratic ￰13￱ the Senate measure championed by Senator Cynthia Lummis

has stalled and faces a slow path ￰14￱ image from Getty Images chart from TradingView