Democratic senators are raising serious concerns about President Trump’s ties to cryptocurrency exchange Binance, demanding answers from top U.S. officials regarding the potential for corruption and disregard of federal regulations. Senators Chris Van Hollen and Elizabeth Warren led a letter sent on May 9th to Treasury Secretary Scott Bessent and Attorney General Pam Bondi, outlining their concerns about Binance’s compliance record and its connection to Trump family-related projects. This follows a Senate investigation that blocked a long-anticipated stablecoin bill partly due to the presence of USD1, a virtual asset linked to Trump family ventures, in a $2 billion investment by MGX into Binance. 2025. 1st, senators also questioned the extent to which the Trump family has been involved in dealings with Binance and if there was any connection between these efforts and potential pardons for those associated with Binance, especially Changpeng Zhao, the former CEO who pleaded guilty to numerous violations. Senator Richard Blumenthal is leading an investigation into potential conflicts of interest and legal violations surrounding Trump’s crypto ventures, including a probe into World Liberty Financial (WLF) and its affiliates, focusing on their ownership structure, foreign influence and possible violation of laws.