The Cryptocurrency Exchange Binance has been reported to have helped create the code behind Stablecoin issued by the World Liberty Financial (WLF), one of the crypto businesses tied to US president Donald Trump.
According to a Friday Bloomberg report that mentioned three people familiar with this matter, Binance Help Create, promote, and play a role in WLF’s largest USD1 Stablecoin transaction. The crypto business, supported by Trump and his three sons, USD1 was launched on March 4.
A Firm based on Abu Dhabi, MGX, announced a $ 2-billion investment In Binance on March 12 using a previously named Stablecoin. Eric Trump, one of the co-founders of the WLF, said in May that the company uses USD1 to resolve the investment.
According to Bloomberg, 90% of all USD1 coins used in the transaction remained in Binance’s wallets on Friday, which potentially generate ten -ten million dollars of interest for Trump and his family.
The reported relationship between one of the largest crypto exchanges in the world and a business closely tied to the US president raises questions about potential conflicts of interest and the use of political influence for business benefits.
Cointelegraph reached a speaker of Binance and World Liberty Financial but did not receive responses at the time of publication.
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Changpeng “CZ” Zhao, the former CEO of Binance, Pleaded guilty to a number of felony As part of a negotiation of US authorities in 2023. Although he had served for four months in prison, he said in May that he was Looking for a presidential forgiveness From Trump.
Such forgiveness may allow Zhao to return to a managerial or operational role in a US crypto business. At the time of publication, he did not comment to the report in the report.
Congress, Trump is looking to sign off the Stablecoin Bill
Trump’s adventures have been under investigation from many U.S. lawmakers since he took office – the President has made many campaign promises suggesting that he will adapt rules for the crypto industry.
Among his financial finances are World Liberty Financial and its stablecoin, the launch of his official Memecoin Trump (Trump) and contributions from crypto executives that supported his campaign.
https://www.youtube.com/watch?v=vkc5qcrvdc0
The Bloomberg report arrived while Republican leaders in the House of Representative were expected to be Consider the three crypto billsApart from them the law to repair payment stablecoins in the US.
The Genius Act – whose name also refers to one of Trump’s many social media posts – the Senate has passed and is expected to receive a floor vote in the house soon.
Although Democrats in the Senate first stopped an important vote for the Stablecoin Bill, citing Trump’s crypto interests, it was eventually passed with Bipartisan support. It is unclear whether the bill will have sufficient support to pass to the Chamber, where the Republicans also hold a slim majority. Trump suggested that he be immediately signed by an unscrupulous bill if it was passed.
Magazine: Crypto adventures of Trump’s crypto raises conflict of interest, insider trading questions
