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Legislation Concerns Rise in UAE Crypto Deal Involving Trump Family

U.S. Senator Elizabeth Warren has raised alarms over a $2 billion crypto deal between President Donald Trump’s family and the United Arab Emirates, labeling it potentially corrupt.

This concern revolves around the newly launched stablecoin USD1, which has surged in prominence, ranking as the seventh largest globally.

Warren claimed that this deal represents a troubling connection between foreign financial support and U.S. legislation, particularly regarding the Senate's upcoming crypto bills.

The USD1 stablecoin, issued by World Liberty Financial, is co-founded by Eric Trump and investor Zach Witkoff and is backed by short-term U.S. Treasuries.

The deal is tied to MGX, an Emirati company planning a significant investment in Binance, further intertwining U.S. crypto interests with foreign entities.

Warren has consistently highlighted the risks of passing the GENIUS Act, proposing it could allow the President to financially benefit from his own legislative actions.

While the bill has bipartisan support in the Senate, recent statements indicate that several Democrats now oppose it, citing national security and oversight concerns.

Warren attempted to amend the legislation to enhance oversight and prevent misuse related to criminal activities; however, these efforts were unsuccessful.

As the Senate prepares for a vote, Warren urges her colleagues to consider the implications of facilitating foreign interests in U.S. finance.

She argues that failure to implement necessary safeguards could empower individuals like Trump to exploit legislative loopholes for personal gain.