Senator Warren Calls $2B Trump-UAE Crypto Deal 'Shady,' Urges Against Senate Crypto Legislation
U.S. Senator Elizabeth Warren has reiterated concerns regarding President Trump's connections to the crypto industry, specifically a $2 billion deal involving the United Arab Emirates that could lead to corruption if new stablecoin legislation is passed. Warren criticized the USD1 stablecoin, co-founded by Eric Trump, which has surged to become the seventh largest globally. This stablecoin is linked to a significant investment in Binance by Emirati firm MGX. Warren argues that the GENIUS Act, a Republican-led bill aimed at regulating stablecoins, would allow Trump and his family to profit from their own financial ventures. Despite bipartisan support, nine Senate Democrats have expressed opposition to the bill, citing unresolved issues like national security risks. Warren attempted to amend the bill for better oversight but was unsuccessful, warning that failure to address these concerns would enable presidential corruption and harm the economy.
