Senate Democrats demand answers on Trump's crypto ties and Binance dealings
Quick Take
- Democrats voiced their concern over the combination between Binance’s need to comply as part of its settlement and Trump’s involvement in foreign firms
- Some Democrats have increasingly raised concerns about overall about Trump’s ties to digital assets, which has in turn complicated legislative efforts
Senate Democrats, including Sen. Elizabeth Warren, Chris Van Hollen and Richard Blumenthal, are seeking information about President Donald Trump's cryptocurrency ties and Binance.
In a letter sent Friday to Treasury Secretary Scott Bessent and Attorney General Pam Bondi, the senators, along with four other Democrats, demanded answers about the Trump administration's supervision of Binance. Bloomberg earlier reported the news.
Binance pleaded guilty to federal charges in 2023, agreeing to pay $4 billion. Former CEO Changpeng Zhao also served a four-month prison sentence after stepping down, and the firm also agreed to a three-year compliance monitor as part of the plea agreement.
The Democratic senators also criticized Trump and his family's reported ties to Binance. In March, the Wall Street Journal reported that people representing Trump's family had been in discussions about a "business deal" with Binance executives. Then last week, World Liberty Financial co-founder Zach Witkoff announced that Abu Dhabi investment firm MGX will use World Liberty Financial's stablecoins to close a landmark $2 billion deal with Binance. World Liberty Financial is a decentralized finance project that lists Trump and three of his sons as team members.
"Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin to partner with foreign investment companies," the senators wrote.
Binance and the Treasury Department did not immediately respond to a request for comment. The DOJ declined to comment.
Some Democrats have increasingly raised concerns about Trump's ties to digital assets, which have in turn complicated legislative efforts.
Earlier this week, some House Democrats splintered off from a Republican-led hearing focused on crypto, citing concerns over Trump's crypto involvement. Later on Thursday, Senate Democrats voted not to move forward on a bill to regulate stablecoins, in part saying that the legislative text was not finished, while some Republicans argued it was a move against Trump.
On Friday, Senate Democrats asked Bondi and Bessent about the steps both departments would take to ensure that Binance complied with the provisions as part of its plea agreement. They also asked about the prospect of a pardon for former Binance CEO Zhao and want responses by May 21.
Update: May 9, 6:05 p.m. UTC to include DOJ declined to comment
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