US senators ask DOJ, Treasury to consider Binance-Trump ties — Report
A group of Democratic senators has reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about US President Donald Trump’s ties to cryptocurrency exchange Binance and potential conflicts of interest in regulating the industry.
According to a May 9 Bloomberg report, Democratic senators asked Attorney General Pam Bondi and Treasury Secretary Scott Bessent to report on the steps Binance had taken as part of its November 2023 plea agreement with US authorities, amid reports that Trump and his family had deepened connections with the exchange.
That settlement saw Binance pay more than $4 billion as part of a deal with the Justice Department, Treasury, and Commodity Futures Trading Commission, and had then-CEO Changpeng “CZ” Zhao step down.
However, since Trump won the presidency in 2024, many lawmakers have accused the president of corruption from profiting off crypto while being in a position to influence laws and regulations over the industry.
Trump has launched his own memecoin — which earns the project millions of dollars in transaction fees — and offered the top tokenholders the opportunity to attend an exclusive dinner in Washington, DC. His family-backed crypto venture World Liberty Financial also recently announced that an Abu Dhabi-based investment firm, MGX, would settle a $2 billion investment in Binance using the platform’s USD1 stablecoin.
“Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin to partner with foreign investment companies,” the senators said in the letter, according to Bloomberg.
Related: Trump tricked into pushing XRP for crypto reserve: Report
Stablecoin bill fails to pass the US Senate
The letter came less than 24 hours after some of the same senators blocked a crucial vote on a bill to regulate stablecoins, named the GENIUS Act. Senator Elizabeth Warren, who reportedly signed the letter and opposed moving forward on the stablecoin bill, suggested the Senate should not be aligned with “facilitat[ing] this kind of corruption” from Trump.
Bessent said the Senate “missed an opportunity” by not passing the stablecoin bill, but did not directly address any of the concerns over Trump’s crypto interests. It’s unclear if or when the chamber could consider another vote on the bill.
In an April 23 report, the nonpartisan organization State Democracy Defenders Action said roughly 40% of Trump’s net worth was tied to crypto. The group noted that the GENIUS Act, in its current version, “would not prevent President Trump from using his executive powers to establish a regulatory environment and enforcement agenda that prioritizes his personal enrichment over the broader interests of US stakeholders.”
Amid the concerns with the stablecoin and proposed market structure bills, Zhao reportedly applied for a federal pardon from Trump. Though the former CEO already served four months in prison, a pardon for his felony charge could allow him to get more involved with the crypto industry through a management position.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
The government borrowed the least amount of money in three years last month, official figures showed, in a surprise bout of good news for Chancellor Rachel Reeves.
Not since July 2021, in the midst of the COVID-19 pandemic, was state borrowing so low, according to data from the Office for National Statistics (ONS).
Increases in tax and national insurance receipts meant public sector net borrowing was £1.1bn in July, meaning there was a £1.1bn gap between government spending and income.
That borrowing is less than half the figure (£2.6bn) expected by economists polled by the Reuters news agency, as self-assessed income tax was £600m higher than expected.
But borrowing was still £6bn higher in the first four months of the financial year, which started in April, than the same period in 2024.
Despite a £2.3bn drop in monthly borrowing when July 2025 is compared with July 2024, the state still spent more on the cost of that lending.
The amount of interest paid on government debt was £7.1bn, £200m more than a year earlier.
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The cost of government borrowing has increased in recent months as the interest rate investors demand on loans issued to the UK (bonds) rose.
At the start of the week, the government’s long-term borrowing cost, as measured by the interest rate on 30-year bonds (known as the gilt yield), closed at the highest level since 1998.
What does it mean for the chancellor?
The monthly borrowing data is in line with the predictions made by independent forecasters, the Office for Budget Responsibility (OBR).
It may not be as rosy a picture, however, as research firm Capital Economics point out the cumulative budget deficit, rather than a monthly figure, is £5.7bn above the OBR’s forecast.
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Are taxes going to rise?
This matters for the chancellor’s self-imposed fiscal rules, to bring down government debt and balance the budget by 2030, the firm said.
“The chancellor will probably need to raise taxes by £17bn to £27bn at the budget later this year,” Capital Economics’ UK economist Alex Kerr said.
Elevated self-assessment income tax receipts “may just reflect the timing of tax returns being recorded, and receipts in August may be weaker than expected”, he added.
Responding to the figures, Ms Reeves’s deputy, chief secretary to the Treasury, Darren Jones, said: “Far too much taxpayer money is spent on interest payments for the longstanding national debt.
“That’s why we’re driving down government borrowing over the course of the parliament – so working people don’t have to foot the bill and we can invest in better schools, hospitals, and services for working families.”
Biotech and BNB treasury firm Windtree Therapeutics fell 77% on Wednesday after informing the SEC that it would be delisted from the Nasdaq stock exchange.
Federal Reserve Governor Christopher Waller urged policymakers and bankers to stop fearing DeFi and stablecoins, saying they will drive the next wave of innovation in the US payments system.
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