A group of Democratic senators has sent a letter to the US Department of Justice and the Treasury Department expressing concerns over President Donald Trump's ties to the cryptocurrency exchange Binance. The letter requests a report on Binance's compliance measures following a significant settlement with US authorities which involved a $4 billion payment. Lawmakers have raised alarms regarding potential conflicts of interest arising from Trump's connections to the crypto industry, especially since Trump launched a memecoin that generates substantial transaction fees and has engaged in partnerships involving the Trump family's stablecoin. The inquiry follows a recent failure of a stablecoin regulation bill in the Senate. The senators have highlighted that reports indicate Binance is allegedly leveraging Trump family assets in dealings with foreign investors. They voiced that such a situation presents an opportunity for Trump to exploit regulatory powers for personal gain, as approximately 40% of his net worth has been linked to cryptocurrency.

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