Democrats are sounding the alarm and demanding answers on potential conflicts of interest in the Trump family’s business dealings with a pardon-seeking former cryptocurrency CEO.
Trump’s trip to the Middle East has highlighted the various foreign investments Trump and his family have received since Trump’s return to the White House, and Democrats are eager to highlight what seems like obvious corruption.
Last week, Sen. Elizabeth Warren of Massachusetts and several other senators sent a letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi demanding answers about the Trump family’s business affiliations with Changpeng Zhao, the founder and former CEO of Binance, a cryptocurrency firm.
Zhao pleaded guilty in 2023 to money laundering and was sentenced to four months in prison. Binance is no longer licensed to operate in several states across the U.S. but may not face a lawsuit from the SEC (depending on what Trump’s administration opts to do). Zhao has openly stated he’s been pushing for Trump to pardon him.
Now Democrats are raising concerns about corruption, as the Trump family’s crypto firm, World Liberty Financial, reportedly struck a deal with Binance — a deal that could net the Trump family millions of dollars, according to The New York Times. The letter sent by Democratic senators last week demands answers about the Trump administration’s plans to uphold a settlement agreement previously made between the feds and Binance, and whether the company has raised the question of a potential pardon for Zhao amid its talks with Trump administration officials.
Warren sent a separate letter — with fellow Democratic Sens. Richard Blumenthal of Connecticut and Dick Durbin of Illinois — to deputy Attorney General Todd Blanche and White House counsel David Warrington, demanding information about any discussions the Trump administration may have had about pardoning Zhao.
The senators write of the reported Binance deal:
These circumstances—involving billions of dollars in penalties and foreign investments, presidential family business interests, and the potential nullification of criminal sanctions— demand the highest levels of scrutiny to ensure that our justice system is operating free from inappropriate political and financial influence.
Democrats like Warren and Sen. Chris Murphy of Connecticut have been the most outspoken lawmakers highlighting the riches the Trump family appears to be raking in from crypto investors, many of whom appear to be based in foreign countries. And the potential for Trump’s self-dealing as his administration proposes crypto-friendly policies is part of the reason Warren has opposed a cryptocurrency bill, known as the GENIUS Act, being pushed by Senate Republicans.
In a video posted online, Warren explained her opposition to the GENIUS Act over its lack of parameters to rein in Trump’s potential self-enrichment. She told MSNBC host Chris Hayes on “All In” this week that the hasty push to pass the GENIUS Act and the Trump family’s dealings with Binance — juxtaposed with Republicans’ push to slash vital government programs like Medicaid — reveals that Trump’s vow to improve the lives of American families mainly applies to one particular family: his own.
