The Commerce Department eased export controls on the United Arab Emirates on Friday, pledging favorable reviews for license applications involving MGX despite the fund’s use of a President Donald Trump family-linked stablecoin in its $2 billion investment in Binance (CRYPTO: BNB).
The unpublished 17-page rule, which can be seen in the Federal Register, favors MGX, which used USD1 (CRYPTO: USD1) to fund its Binance stake.
Warren Blasts ‘Corrupt’ Deal, Demands Testimony
In a statement released Friday, Sen. Elizabeth Warren (D-Mass.) called the deal "corrupt," citing Trump’s reported $263 million gain tied to the arrangement, which was part of the $1.4 billion he earned from crypto ventures last year.
She called on Commerce Secretary Howard Lutnick and Under Secretary Jeffrey Kessler to testify before the Senate Banking Committee.
