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
Consumers will get stronger protections with a new water watchdog – as trust in water companies takes a record dive.
Environment Secretary Steve Reed will announce today that the government will set up the new water ombudsman with legal powers to resolve disputes, rather than the current voluntary system.
The watchdog will mean an expansion of the Consumer Council for Water’s (CCW) role and will bring the water sector into line with other utilities that have legally binding consumer watchdogs.
Consumers will then have a single point of contact for complaints.
Politics latest: Labour should let water companies ‘go bust’, Farage says
The Department for the Environment, Food and Rural Affairs (Defra) said the new watchdog would help “re-establish partnership” between water companies and consumers.
A survey by the CCW in May found trust in water companies had reached a new low, with fewer than two-thirds of people saying they provided value for money.
Just 35% said they thought charges from water companies were fair – even before the impact could be felt from a 26% increase in bills in April.
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‘We’ll be able to eliminate sewage spillages’
Mr Reed is planning a “root and branch reform” of the water industry – which he branded “absolutely broken” – that he will reveal alongside a major review of the sector today.
The review is expected to recommend the scrapping of water regulator Ofwat and the creation of a new one, to incorporate the work of the CCW.
Read more:
Labour will eliminate unauthorised sewage spillages in a decade
Under-fire water regulator could be scrapped
A water pollution protest by Surfers Against Sewage in Brighton
Campaigners and MPs have accused Ofwat of failing to hold water operators to account, while the companies complain a focus on keeping bills down has prevented appropriate infrastructure investment.
On Sunday, Mr Reed avoided answering whether he would get rid of Ofwat or not when asked on Sunday Morning with Trevor Phillips.
He pledged to halve sewage pollution by water companies by 2030 and said Labour would eliminate unauthorised sewage spillages in a decade.
Mr Reed announced £104bn of private investment to help the government do that.
Victoria Atkins MP, shadow secretary of state for environment, food and rural Affairs, said: “While stronger consumer protections are welcome in principle, they are only one part of the serious long-term reforms the water sector needs.
“We all want the water system to improve, and honesty about the scale of the challenge is essential. Steve Reed must explain that bill payers are paying for the £104 billion investment plan. Ministers must also explain how replacing one quango with another is going to clean up our rivers and lakes.
“Public confidence in the water system will only be rebuilt through transparency, resilience, and delivery.”
Embedding human rights into crypto systems is a necessity. Self-custody, privacy-by-default, and censorship-resistant personhood must be core design principles for any technology. The future of digital freedom depends on it.
The GENIUS Act marks a turning point for crypto regulation, but experts say true integration with finance and identity systems is only beginning.
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