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Two Democratic legislators on the US Senate Banking Committee and Senate Agriculture Committee, anticipated to cast their votes on a market structure measure shortly, have indicated that they would oppose the bill without an inquiry into two White House officials.<\/p>\n
In a letter sent Tuesday to officials in the US State Department, Commerce Department, and Department of Ethics, Senators Elizabeth Warren and Elissa Slotkin requested<\/a> authorities to probe into US President Donald Trump\u2019s AI and cryptocurrency czar, David Sacks, along with his Special Envoy to the Middle East, Steve Witkoff.<\/p>\n The two Democratic legislators expressed that they could not endorse legislation intended to create a digital asset market structure currently progressing through the Senate without clarity on whether \u201cpolitically connected crypto interests are jeopardizing our national security.\u201d<\/p>\n The letter from Warren and Slotkin originated from a Sept. 15 New York Times article<\/a> discussing a $2-billion agreement between the Abu Dhabi-based investment firm MGX and cryptocurrency exchange Binance. The investment, announced in March<\/a>, was finalized using the USD1 stablecoin<\/a> provided by the Trump family\u2019s cryptocurrency company, World Liberty Financial. According to The New York Times, Sacks and Witkoff facilitated the transaction by giving the UAE access to AI chips.<\/p>\n \u201cIn the annals of our country\u2019s foreign policy, one is hard-pressed to identify two senior officials with such profound conflicts of interest involved in decisions related to national security,\u201d the two senators wrote. \u201cSuch unchecked conflicts of interest have no place in the US government, and we urge you to conduct a prompt and comprehensive assessment of these claims.\u201d<\/p>\n The letter further stated:<\/p>\n \u201cThis information is also essential as Congress contemplates legislation for digital asset market structure and attempts to ensure that cryptocurrency corruption does not compromise our national security.\u201d<\/p><\/blockquote>\n Related: <\/strong><\/em>Trump\u2019s World Liberty mints 9% of USD1 supply after Waller speech<\/strong><\/em><\/a><\/p>\n Warren, the lead member of the Senate Banking Committee, and Slotkin, a member of the Senate Agriculture Committee, could play pivotal roles as votes and indicate the direction for other Democrats when the chamber is expected to deliberate on a market structure bill.<\/p>\n Last week, a coalition of 12 Democrats indicated they would collaborate<\/a> with Republicans on market structure, as long as they advocated \u201cpreventing corruption and abuse\u201d and other stipulations in any prospective legislation. Warren stated in August<\/a> that she supported regulations on digital assets, but was opposed to any legislation \u201ccrafted by the cryptocurrency industry.\u201d<\/p>\n