Trump’s $2 billion stablecoin deal with UAE-backed MGX triggers ethics probe, jeopardizing Senate progress on stablecoin legislation.
Efforts to pass crypto legislation in the US Senate face mounting resistance amid growing ethical concerns around US President Donald Trump’s ties to crypto.
In a May 5 letter to the US Office of Government Ethics, Senators Elizabeth Warren and Jeff Merkley said that Trump and his family stand to personally profit from an investment involving UAE state-backed firm MGX, crypto exchange Binance and World Liberty Financial (WLFI).
The senators called for an urgent probe, warning the deal may violate the US Constitution’s Emoluments Clause and federal bribery statutes.