Elizabeth Warren Sounds Alarm on Trump's Crypto Dealings, PancakeSwap
Senator Elizabeth Warren has raised concerns over national security risks posed by decentralized exchanges (DEXs), specifically citing PancakeSwap. She referenced its role in facilitating the trading of Trump-linked stablecoin USD1 and laundering funds stolen by North Korean hackers, highlighting a $1.4 billion theft from Bybit, with $263 million allegedly laundered through PancakeSwap. Warren warned that DEXs often lack proper anti-money laundering controls and KYC disclosures, making them attractive for illicit activity. She also pointed out PancakeSwap’s promotion and trading of USD1, the Trump-backed stablecoin, and questioned the timing of its expanded adoption on Binance following the pardon of Binance’s former CEO. Warren requested information from the Treasury and DOJ about regulatory gaps and possible conflicts of interest, especially concerning the Trump family. She has consistently criticized the potential for crypto-related corruption and lack of regulation, including Trump administration measures supporting broader crypto adoption and profits made by the Trump family through crypto ventures.
