Binance and the Trump crisis in the US Senate: Below is the detailed information

Democratic senators in the United States have expressed concerns about the potential connection between the cryptocurrency exchange Binance and the digital asset ventures owned by former President Donald Trump and his family. The letter led by Senator Chris Van Hollen of Maryland and Senator Elizabeth Warren of Massachusetts was delivered to Treasury Secretary Scott Bessent and Attorney General Pam Bondi. The letter was also signed by Senator Sheldon Whitehouse of Rhode Island and Senator Richard Blumenthal of Connecticut. The call from the senators came after Senate Democrats blocked a long-awaited stablecoin bill, following revelations that the USD1 digital token from a company controlled by the Trump family was used to fund a $2 billion investment into Binance by the Abu Dhabi-based investment firm MGX in March. This same company is also said to have contributed to the $100 billion artificial intelligence infrastructure fund that Trump announced a day after his inauguration. Thus, the indirect connection between the Trump family and Binance, the company convicted of violating U.S. law, has been brought to light. The former CEO of Binance, Changpeng Zhao, has also pleaded guilty, resigned, and must serve four months in prison in the U.S. The senators wrote in the letter: "Our concerns about Binance's compliance obligations are growing following recent reports that the company has collaborated with foreign investment firms using the Trump family's stablecoin." According to Bloomberg, an organization linked to the Trump family, World Liberty Financial, is also said to be considering partnership opportunities with Binance. The Wall Street Journal reported that the Trump family is negotiating to buy a stake in Binance's subsidiary in the United States, Binance.US. The same report also stated that Zhao has requested the Trump administration to grant a pardon for the president. The senators wrote in the letter: "It is extremely concerning that this administration may allow Binance, a company that has repeatedly violated federal laws and regulations, to continue operating in the United States." The letter requests the Department of Finance and the Department of Justice to report on Binance's compliance with the plea agreement. The letter also seeks clarification on the company's plans to leave the United States, the timeline for that process, and whether a pardon for Zhao has been discussed with any officials. The letter also inquires if Binance has contacted World Liberty or the plan to list a new stablecoin of the company.