Elizabeth Warren, Jeff Merkley Press Binance, UAE Firm Over $2B Deal Involving Trump Family Stablecoin

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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June 12, 2025

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U.S. Senators Elizabeth Warren (D-MA) and Jeff Merkley (D-OR) are requesting that investment firm MGX and crypto exchange Binance preserve documents and communications related to the use of the Trump-affiliated World Liberty Financial’s stablecoin, USD1, according to a June 11 letter.

Senators Request $2 Billion Stablecoin Deal Records

In the letter addressed to the CEOs of the two companies, the senators demand that both Binance and MGX safeguard “specific information” tied to the government-owned Abu Dhabi firm’s $2 billion transaction settlement using USD1 with the crypto exchange.

“To help us better understand the extent to which President Trump’s financial stake in USD1 influenced your companies’ decision to use this stablecoin instead of other forms of payment not connected to the President of the United States, we request additional information and documents from MGX and Binance regarding the investment,” Merkley and Warren said.

The senators are urging the organizations to hand over records of key players tied to World Liberty Financial, including U.S. President Donald Trump and his sons Barron, Eric, and Donald Jr.

The duo is also requesting communications from World Liberty Financial co-founders Chase Herro, Zak Folkman, Zach Witkoff, and Alex Witkoff, as well as Steve Witkoff, Trump’s Special Envoy to the Middle East.

“Like officials at WLF, we support efforts to promote the U.S. dollar,” the U.S. lawmakers added. “We do not, however, see use of USD1—an instrument that conveniently lines the pockets of the sitting U.S. President and his family—as essential to that effort.”

Foreign Influence Concerns Swirl Around USD1 Settlement

News of Warren and Merkley’s concerns comes after the lawmakers penned a May 5 letter to the Office of Government Ethics Acting Director Jamieson Greer requesting an inquiry into the Trump family crypto platform’s multibillion-dollar deal.

“This deal raises the troubling prospect that the Trump and Witkoff families could expand the use of their stablecoin as an avenue to profit from foreign corruption,” the senators state.

Elizabeth Warren and Merkley have given Binance and MGX until June 24 to respond.