PANews reported on May 9 that according to Bloomberg, a group of U.S. Democratic senators (including Maryland Senator Chris Van Hollen and Massachusetts Senator Elizabeth Warren) sent a joint letter to the Secretary of the Treasury and the Attorney General, requesting an investigation into Binance's connection with the Trump family's digital asset project. The letter pointed out that Abu Dhabi investment company MXG completed a $2 billion investment in Binance through the USD1 stablecoin controlled by the Trump family in March this year, which raised concerns about compliance risks. In 2023, Binance pleaded guilty to violating anti-money laundering regulations, and its former CEO Zhao Changpeng has served four months in prison.
On May 9, Senate Democrats just postponed the passage of the Stablecoin Act on the grounds of "preventing current officials from profiting from crypto projects." The joint letter requires the Treasury Department and the Justice Department to submit three explanations by May 21: Binance's progress in fulfilling the plea agreement, the timetable for exiting the U.S. market, and whether a pardon for Changpeng Zhao has been discussed. According to the Wall Street Journal, representatives of the Trump family had negotiated an investment in Binance.US (previously denied by Changpeng Zhao). The letter reads: "The idea that this administration might allow Binance to continue to operate and expand in the United States is deeply disturbing, especially given that the company has repeatedly ignored federal laws and regulations that protect the safety of Americans."
