2 senators call for investigation into Trump family crypto deal

Two Senate Democrats called Monday for an investigation into a reported crypto deal by President Donald Trump's family.

Sens. Jeff Merkley and Elizabeth Warren wrote a letter to Jamieson Greer, the acting director of the Office of Government Ethics, to request an urgent inquiry into a billion-dollar business deal involving the state-backed Emirati investment firm MGX, crypto exchange Binance and the Trump family's cryptocurrency venture, World Liberty Financial (WLF).

According to recent reports, MGX will make a $2 billion investment in the cryptocurrency exchange Binance Holdings Ltd. using a digital coin developed by the Trump family firm.

Trump's son Eric announced Thursday that the USD1 stablecoin will be the official one backing MGX's investment in crypto exchange Binance.

The senators warned that the deal may violate the Constitution, while making the federal government "highly vulnerable" to foreign influence and increasing the potential for a quid pro quo that could endanger national security.

They said the families of Trump and Steve Witkoff, Trump's special envoy to the Middle East, will "likely indirectly" receive hundreds of millions of dollars through the transaction.

"In short, a crypto firm whose founder needs a pardon and a foreign government spymaker coveting sensitive U.S. technology plan to pay the Trump and Witkoff families hundreds of millions of dollars," they wrote.