Senate Democrats Seek Probe into Trump-Linked $2 Billion Crypto Deal

Senate Democrats, led by Elizabeth Warren and Jeff Merkley, are calling for a federal investigation into a multi-billion-dollar cryptocurrency deal involving the Trump family's firm, World Liberty Financial, Emirati investment firm MGX, and crypto exchange Binance. Lawmakers warn that the arrangement, which uses a Trump-backed stablecoin to facilitate a $2 billion transaction, could create significant conflicts of interest and expose the U.S. government to foreign influence and potential violations of the Constitution. The senators argue the Trump and Witkoff families stand to receive hundreds of millions of dollars from the deal, raising ethical and national security concerns, especially given MGX's ties to the UAE government and Binance's legal history. These revelations have prompted Senate Democrats to reconsider support for pending crypto legislation, such as the GENIUS Act, citing fears it could further enable political profiteering through cryptocurrency. The controversy has intensified scrutiny of the Trump family's business dealings and their intersection with U.S. policy and foreign interests. The Office of Government Ethics has been formally asked to launch an inquiry into the matter.