Bitcoins
Senator Elizabeth Warren has reportedly asked the US Commerce Department to explain the administration’s policy toward the United Arab Emirates following the country’s investment in President Donald Trump’s family-backed cryptocurrency venture, World Liberty Financial.
According to a Wednesday CNBC report, Warren sent a letter to Commerce Secretary Howard Lutnick asking for an explanation for the US government giving the UAE greater access to AI chips after two investments linking the country to the Trump family crypto business. An Abu Dhabi entity backed by Sheikh Tahnoon bin Zayed Al Nahyan reportedly made a $500 million investment in World Liberty Financial in January, while another company linked to the UAE settled a $2 billion investment in crypto exchange Binance using World Liberty’s USD1 stablecoin.
“The Department’s actions raise significant questions about the potential influence the President’s cryptocurrency business interests may be having on the agency’s operations and our national security,” said the Massachusetts lawmaker, according to CNBC.
Warren’s letter came after the US Commerce Department changed the UAE’s categorization to Country Group A:5, giving it more access to license-free exports including advanced chips. The department also said it would “favorably review” license applications involving chips and servers to MGX, the UAE entity that made the $2 billion Binance investment.
The probe into the administration’s policies on the UAE is Democratic lawmakers’ latest attempts to explore potential influence from foreign crypto investments. In June, a group of senators, including Warren, called for hearings into the $500 million World Liberty Financial deal. Many lawmakers are also scrutinizing Trump’s pardon of former Binance CEO Changpeng Zhao.
Related: US, UAE and China joint effort dismantles 9 crypto scam centers
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Cointelegraph by Turner Wright Read More