• Democrats have requested suspicious activity reports from the Treasury related to Trump-backed crypto projects including World Liberty Financial and TRUMP token
• Democratic lawmakers are concerned these crypto ventures could be vehicles for foreign influence peddling
• Senators Warren and Van Hollen specifically urged Trump to divest from his stablecoin before his Middle East trip
• Democrats raised concerns about Trump family members potentially profiting from $2 billion worth of stablecoins in a transaction involving an Abu Dhabi investment fund
• Top TRUMP token investors were reportedly invited to a private dinner with Trump, raising additional ethics concerns

Democratic lawmakers are stepping up their scrutiny of President Donald Trump’s cryptocurrency ventures, requesting suspicious activity reports and urging divestment amid concerns about potential foreign influence and ethics violations.

A group of Democratic representatives sent a letter to Treasury Secretary Scott Bessent on May 14 seeking suspicious activity reports on several Trump-backed crypto projects.

The request covers reports filed since 2023 related to World Liberty Financial (WLF) and the Official Trump token (TRUMP).

The letter, authored by Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin, asks for any reports mentioning a wide range of entities and individuals. These include WinRed, America PAC, Elon Musk, World Liberty Financial, WLF, TRUMP, MELANIA, and crypto entrepreneur Justin Sun.

Concerns Over Foreign Influence

The lawmakers expressed worry that World Liberty Financial could serve as a “vehicle for foreign influence peddling” because part of its token sale was directed at foreign investors. They noted these investors are “generally subject to less stringent regulation than US investors.”

The Democratic representatives also flagged concerns about Justin Sun’s investment in WLF. They pointed to the pause in the SEC’s lawsuit against Sun, which had alleged he broke securities laws, as a troubling development.

The TRUMP token has also drawn scrutiny because purchasers’ identities are not publicly disclosed. This lack of transparency could potentially allow bad actors to “curry favor with Trump” by buying the token, according to the lawmakers.

The probe seeks to “determine whether legislation is necessary to prevent violations of campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption laws.”

Calls for Divestment Before Middle East Trip

In a separate but related development, Senators Elizabeth Warren and Chris Van Hollen urged President Trump to divest from his stablecoin holdings before his Middle East trip this week. The senators expressed concern about the potential for foreign governments to use the stablecoin to influence Trump’s decision-making.

Their concerns stem partly from a New York Times report that Trump family members could profit from $2 billion worth of their stablecoins used in a foreign transaction involving an Abu Dhabi investment fund.

“You can eliminate at least one venue for corruption… by divesting all of your interests and your family’s interests” in the stablecoin, the lawmakers wrote to Trump.

Adding to ethics concerns, the official website for Trump’s meme coin reportedly invited its top 220 investors to an “intimate private dinner” with the president. References to the White House were later removed from the website.

These Democrat-led efforts come as Trump eyes $1 trillion worth of deals and investments during his Middle East trip. The timing has raised questions about potential conflicts of interest between the president’s crypto ventures and his official duties.

The Treasury Department has been asked to provide the requested suspicious activity reports no later than May 30. Democrats have made it clear they view the potential for corruption in Trump’s crypto deals as high, using some of these concerns to derail a bipartisan crypto regulation bill last week.

This latest probe follows other recent Democrat-led actions targeting Trump’s crypto ventures. These include a letter to the Justice Department and Treasury expressing concerns about Trump’s ties to crypto exchange Binance, as well as two bills and a subcommittee inquiry focused on Trump’s ability to profit from his crypto initiatives.

The post Democrats Probe Trump Crypto Projects for Potential Foreign Influence and Ethics Violations appeared first on CoinCentral.

• Ukraine is preparing a law to establish a national strategic Bitcoin reserve.
• The draft law is being finalized by the Finance and Tax Committee.
• Ukraine plans to submit the legislation to parliament in the near future.
• Binance is actively supporting Ukraine’s efforts to develop the Bitcoin reserve.
• The reserve initiative is part of Ukraine’s broader crypto regulatory strategy.

Ukraine is preparing to introduce legislation establishing a national strategic Bitcoin reserve. This initiative is part of Ukraine’s broader strategy to develop a legal foundation for digital assets. The draft law is nearing completion and will soon be submitted to parliament.

Ukraine Advances Strategic Bitcoin Reserve Plan

Ukraine is developing a legal framework for holding Bitcoin in its national reserves. A specialized parliamentary committee, led by finance officials, is finalizing the draft legislation. This effort follows earlier legislative attempts that were withdrawn due to regulatory pushback.

Yaroslav Zhelezniak, a senior lawmaker, confirmed Ukraine’s plan to create a crypto reserve infrastructure. He oversees the preparation of draft laws within the finance and tax committee. The proposal includes provisions to regulate how the state may acquire, store, and manage Bitcoin reserves.

Ukraine seeks to align the initiative with upcoming crypto regulations expected in 2025. The law would support holding digital assets and their use in national financial planning. Authorities aim to secure transparency, compliance, and oversight from the central bank and regulatory agencies.

Binance Supports Ukraine’s Bitcoin Reserve Development

Ukraine is reportedly receiving support from Binance to build its national Bitcoin reserve. The collaboration includes guidance on reserve mechanisms and technical infrastructure. Binance has been working with several governments on similar crypto reserve projects.

The extent of Binance’s cooperation with Ukraine has not been fully disclosed. However, both parties are involved in active discussions regarding implementing the reserve strategy. Binance’s global partnerships have positioned the company as a key advisor for crypto integration in public policy.

Richard Teng, Binance CEO, has stated that many governments are exploring Bitcoin reserves. His team has participated in advisory roles with other countries in the region. Ukraine benefits from these partnerships as they accelerate efforts to legislate and build digital asset reserves.

Revised Crypto Bill Gains New Momentum in Ukraine

Ukraine plans to finalize a comprehensive digital asset law in coordination with the National Bank and the IMF. This law will create fiscal policies, regulate exchanges, and enforce anti–money laundering measures. Lawmakers intend to pass the bill in early 2025.

The draft bill includes capital gains taxation on crypto converted to fiat currencies. It will also define legal responsibilities for market participants and state institutions. Ukraine aims to standardize crypto activities and ensure legal clarity for all digital transactions.

Earlier versions of the legislation faced delays due to internal concerns from the President’s Office. Financial regulators, including the National Securities and Stock Market Commission, also resisted. Ukraine has since revised the proposal to address these concerns and move forward confidently.

The post Ukraine to Launch Strategic Bitcoin Reserve Under New Crypto Law Plan appeared first on CoinCentral.

• Donald Trump declared that the United States is ahead of China in the global crypto race.
• The United States currently holds over 198,000 Bitcoins, primarily through government seizures.
• China follows closely with nearly 190,000 Bitcoins but takes a more infrastructure-focused approach.
• Donald Trump confirmed plans to adopt Bitcoin as part of a national reserve strategy.
• The crypto market reacted to Trump’s statement with a slight increase in total market value.

Donald Trump declared that the United States leads China in the global crypto race, particularly in Bitcoin dominance. The President emphasized this while reinforcing his vision to make America a global crypto capital. This announcement followed recent developments in the escalating US-China economic rivalry.

Donald Trump Claims US Leads in Crypto

Donald Trump emphasized the US’s crypto leadership, supported by current federal Bitcoin reserves valued at over $20.5 billion. These reserves originated primarily from law enforcement seizures related to cybercrime and tax enforcement actions. Consequently, these strategic holdings significantly strengthened the nation’s crypto position.

President Trump just said that he is a "big fan of crypto"

And that The USA is leading China in crypto.

SEND EVERYTHING HIGHER 🚀 pic.twitter.com/nevA1b1YqU

— Gordon (@AltcoinGordon) May 14, 2025

In contrast, China’s crypto holdings stand at nearly 190,000 BTC, valued at around $19.7 billion based on current market rates. However, the US has continued to increase its Bitcoin reserves through ongoing operations and enforcement efforts. Donald Trump’s remarks highlight the country’s focus on expanding control over digital assets.

While the US secures Bitcoin through legal mechanisms, China focuses on blockchain infrastructure development. Yet, Trump insists the US now commands a stronger crypto foothold than China. Thus, the digital asset rivalry reflects broader economic competition between the two powers.

Bitcoin Emerges as a Strategic Reserve Asset

Donald Trump also reiterated plans to establish Bitcoin as a national reserve asset in the United States. This marks a major shift in the US financial framework and suggests stronger alignment with emerging digital trends. The statement arrives amid increased volatility in the global crypto market.

China also evaluates similar steps but maintains a more centralized and regulatory-heavy approach. While China aims to control blockchain innovation, the US accumulates crypto wealth through strategic acquisitions. Donald Trump positioned these differences as key factors in America’s crypto lead.

The US’s current approach combines technological adoption with strong enforcement capabilities. Donald Trump views this model as more effective than China’s rigid policies. Consequently, the administration seeks to reinforce this dominance by building further national reserves in Bitcoin.

Crypto Rises Amid US UK Agreement

Tensions between the US and China have influenced major fluctuations in crypto prices over the past week. After Donald Trump’s tariff policy announcement, the market dropped sharply but rebounded following easing talks. The recent rebound lifted the total crypto market cap to $3.34 trillion.

Donald Trump’s statement triggered a minor market uptick of 0.7%, signaling strong reactions to geopolitical developments. The US-UK economic agreement also contributed to recent shifts in market activity. As a result, the crypto sector remains sensitive to cross-border political strategies.

Donald Trump’s vision continues to impact the financial narrative and shapes how the US navigates digital transformation. While both nations explore Bitcoin reserves, their methods reflect their contrasting economic models.

The post US Quietly Builds Bitcoin Reserve: Donald Trump Reveals China’s Lag appeared first on CoinCentral.

• GD Culture Group announced a $300 million plan to invest in TRUMP token and Bitcoin.
• The funding will come from a stock purchase agreement with a British Virgin Islands-based investor.
• TRUMP token surged over 6 percent after the announcement, reversing its recent losses.
• The token has gained over 23 percent in the past week and nearly 62 percent in the past month.
• GDC aims to build a long-term crypto reserve by acquiring TRUMP and Bitcoin.

TRUMP token sharply rebounded after GD Culture Group announced it would allocate $300 million toward TRUMP and Bitcoin purchases. The Nasdaq-listed company confirmed this plan through an official filing, triggering renewed market momentum. TRUMP surged over 6% within 24 hours, reversing a 6% drop amid growing anticipation for the upcoming crypto dinner.

TRUMP Token Rebounds After GDC Funding News

GD Culture Group (GDC), a U.S.-listed firm with Chinese connections, plans to establish a major crypto reserve with TRUMP and Bitcoin. The company confirmed using funds from a stock purchase agreement with a British Virgin Islands-based partner. The partner pledged up to $300 million, which GDC will deploy to acquire TRUMP and Bitcoin.

The announcement’s timing coincided with TRUMP’s recovery from a recent downtrend, helping the memecoin regain momentum. TRUMP had dropped to a low of $12.22 but climbed to $13.55 following the news. Market watchers attributed the 6.11% daily rise to renewed confidence sparked by GDC’s investment plan.

TRUMP’s weekly and monthly charts also reflected strong growth, rising 23.28% in seven days and 61.8% over a month. The token traded between $13 and $14 recently, hitting a weekly high of $15.07. GDC’s plan contributed significantly to this performance, reinforcing positive sentiment ahead of the high-profile crypto dinner.

Bitcoin Also Benefits from GDC’s Crypto Reserve Strategy

Alongside TRUMP, Bitcoin will form a major part of GDC’s long-term reserve strategy using the $300 million raised. The firm clarified that part of the proceeds would support general corporate needs, but with a primary focus on crypto assets. This dual acquisition approach highlights Bitcoin’s continued role as a reserve asset.

Although Bitcoin did not experience the same spike as TRUMP, the announcement reinforced its status in corporate treasury strategies. Market data showed steady price action, with slight gains following GDC’s disclosure. The move underscored GDC’s intent to diversify into leading and emerging digital assets.

Bitcoin’s inclusion suggests GDC aims to balance TRUMP’s volatility with Bitcoin’s relative market stability. While TRUMP responds sharply to news and events, Bitcoin remains a broader benchmark. This combination may help GDC optimize both short-term gains and long-term positioning.

TRUMP Crypto Dinner Builds Momentum for Token Surge

Scheduled for May 22, the TRUMP crypto dinner will host 220 top TRUMP holders in a private meeting with Donald Trump. The exclusive nature of the event has already fueled market attention, acting as a catalyst for TRUMP’s recent gains. Analysts expect stronger movement in the days leading up to the event.

After the dinner confirmation, the TRUMP token’s rally began earlier this month, and GDC’s investment added further strength to its trend. The event continues to attract high interest due to its exclusivity and proximity to major token developments.

Market participants remain focused on TRUMP’s near-term trajectory as hype surrounding the dinner intensifies. While the memecoin market remains volatile, TRUMP is positioned for further upward action amid growing institutional interest. GDC’s funding has added credibility to the token’s rise, setting the stage for a pivotal week.

The post Chinese-Backed GDC Pours $300M Into TRUMP Token and Bitcoin appeared first on CoinCentral.

• VIP attendees for Trump’s upcoming dinner held an average of $4.8 million in TRUMP tokens
• The top 25 “VIPs” qualify for exclusive reception and special tour at Trump National Golf Club
• Speculation exists that top holder “Sun” ($19M in tokens) could be Tron founder Justin Sun
• New rewards program announced for TRUMP token holders who maintain their balances
• Critics have raised ethics concerns, with watchdog group calling it a “corrupt self-enrichment scheme”

President Donald Trump’s meme coin dinner has attracted wealthy crypto investors who collectively hold approximately $174 million in TRUMP tokens. The upcoming event at Trump National Golf Club in Washington D.C. has sparked both enthusiasm from supporters and criticism from ethics watchdogs.

The top 25 VIP attendees for the May 22 dinner held an average of nearly $4.8 million worth of TRUMP tokens each to secure their spots. These placements were determined through a time-weighted average of holdings between April 23 and May 12.

VIPs will receive an exclusive reception with President Trump and a special tour in addition to dinner. An additional 195 token holders gained more limited access to the event.

How the Competition Worked

Token balances among VIPs varied widely. The largest holder, registered as “Sun,” possessed around 1.4 million TRUMP tokens valued at more than $19 million when the final snapshot was taken on May 12.

This has fueled speculation that the account belongs to billionaire Tron founder Justin Sun. Sun previously purchased $30 million worth of Trump-linked World Liberty Financial’s governance token, but his representatives declined to comment when questioned by media outlets.

The time-weighted calculation method meant users weren’t required to hold tokens until the final snapshot. This allowed some participants like users “Noah” and “Top” to qualify despite selling most of their tokens before the deadline.

According to the leaderboard data, the top 220 wallets collectively held more than 13.7 million tokens as of May 12, worth roughly $174 million at publication time.

New Rewards and Requirements

With the competition concluded, the TRUMP token price has fallen about 8% in 24 hours to $12.78. However, the project team has introduced new incentives to encourage holders to maintain their positions.

The Get Trump Memes account announced a Solana NFT reward for users who keep their leaderboard balances until the dinner. They also unveiled a new Trump “rewards points” program with its own leaderboard and badges.

“The beginning of the Trump rewards points program for TRUMP starts now,” the account posted, adding that the “next era” for the token will be announced at the dinner.

Based on the terms and conditions, each invited guest must complete a background check to attend. The event is described as “Black Tie preferred, but optional” according to project documentation.

Growing Ethics Concerns

The President’s crypto ventures have drawn increasing scrutiny. A Bloomberg report suggested that the majority of tokenholders are based outside the United States, raising potential security concerns and conflicts of interest.

Watchdog group Accountable.US called the TRUMP token leaderboard “the most nakedly corrupt self-enrichment scheme in U.S. presidential history.”

Many US lawmakers have criticized Trump for launching the memecoin shortly before taking office. Some representatives have refused to consider crypto-related legislation until their concerns are addressed, with one senator even calling for Trump’s impeachment.

Companies potentially seeking influence over Trump’s policies have also invested in the memecoin. Freight Technologies announced plans to invest $20 million in the token, suggesting it could affect the president’s trade policies between the US and Mexico.

This isn’t President Trump’s first crypto-related event. During his 2024 campaign, he hosted a dinner for supporters who purchased his “mugshot” non-fungible tokens, which featured a picture of the then-presidential candidate at his surrender to authorities.

If President Trump is unable to attend the May 22 dinner or if the event is cancelled, attendees will receive a limited-edition Trump NFT as compensation according to the project’s terms.

The post Trump’s Crypto Dinner: Top Investors Hold Millions in TRUMP Tokens appeared first on CoinCentral.

• Trump-backed American Bitcoin is preparing to go public through a merger with Gryphon Digital Mining.
• The merger allows American Bitcoin to expand while Gryphon’s actual contribution to the deal remains unclear.
• The new public company will retain the American Bitcoin name and trade under the ABTC ticker.
• Eric Trump will join the company’s management team but the full extent of the Trump family’s involvement is not detailed.
• Hut 8 will continue to manage all mining operations and currently owns 80 percent of American Bitcoin.

Trump-backed American Bitcoin, a subsidiary of Hut 8, plans to go public through a merger with Gryphon Digital Mining. The merger positions American Bitcoin to expand operations, while Gryphon’s role in the deal remains largely undefined. The Trump family’s involvement, particularly through Eric Trump, continues their broader engagement in the cryptocurrency sector.

Trump-Backed Miner Merges with Gryphon

American Bitcoin will complete a stock-for-stock merger with Gryphon, yet Gryphon shareholders will retain only 2% of the new company. Leadership of the merged entity will remain fully under American Bitcoin, with no Gryphon executives joining the board or management team. The new firm will operate under the American Bitcoin name and trade using the ABTC ticker.

The Trump family plays a background role, though Eric Trump will join the new company’s management team. While the merger announcement highlighted scaling plans, it included limited details on mining infrastructure or Gryphon’s operational contributions. According to official statements, Hut 8 will continue to manage the entire operational infrastructure exclusively.

American Bitcoin remains a Hut 8 subsidiary, and the parent company owns 80% of its shares. Once the merger closes, Hut 8 shareholders will retain nearly 98% of the new entity. The Trump name, however, could bring market attention to the company’s public debut in the third quarter.

Trump Family Crypto Expansion Broadens Scope

President Trump and his family have steadily expanded their presence in the digital asset space across multiple platforms and ventures. These include projects like the WLFI coin, a USD1 stablecoin, GameFi efforts, and various real estate developments tied to crypto themes. Their latest activity includes launching American Bitcoin, announced in March, in partnership with Hut 8.

Though the Trump brothers were active in launching American Bitcoin, their involvement was downplayed in the official release. The statement mentioned Eric Trump’s management role but excluded additional details about the Trump family’s strategic input. Despite the limited information, their influence remains a strong presence in the firm’s branding and direction.

Trump’s broader crypto strategy includes partnerships and new launches, signaling ongoing interest in blockchain-based ventures. This public offering could reinforce their footprint in mining, even though leadership from Gryphon will not be involved. The merger also adds momentum to their wider digital asset initiatives.

Two big Bitcoin-holding reverse mergers announced this morning:

Eric Trump's American Bitcoin will reverse merge into Gryphon Digital Mining $GRYP and will trade as $ABTC upon closing. Image from the presentation attached

While, David Bailey's Nakamoto will reverse merge into… pic.twitter.com/fsyCPL9EJK

— ListingTrack (@listingtrack) May 12, 2025

Hut 8 Faces Revenue Declines but Pursues Growth

Hut 8 experienced a significant revenue drop of 58.1% and a net loss of $134 million in Q1 2025. Despite the losses, CEO Asher Genoot described this as a planned investment phase aimed at long-term scale and sustainability. This context decides to take American Bitcoin public a critical part of their growth efforts.

Through this merger, Hut 8 intends to access new capital without depending on its balance sheet. It aims to retain upside exposure to Bitcoin while expanding operations through its American Bitcoin subsidiary. This approach could help stabilize finances following a challenging earnings quarter.

Though many operational specifics remain unclear, the merger supports Hut 8’s strategy to unlock external funding and focus resources. The Trump-backed initiative adds visibility to the company as it pursues low-cost Bitcoin accumulation.

The post American Bitcoin to Go Public—Trump Ties and Gryphon Role Unclear appeared first on CoinCentral.

• Conor McGregor plans to meet with El Salvador’s President Nayib Bukele to discuss an Irish Strategic Bitcoin Reserve
• McGregor is running for president of Ireland as an independent candidate
• He believes a Bitcoin reserve would “give power back to the people”
• McGregor is also considering other cryptocurrencies for government transparency
• His previous cryptocurrency venture, a memecoin, failed upon launch

Former UFC champion Conor McGregor is set to meet with El Salvador’s President Nayib Bukele to discuss the possibility of creating an Irish Strategic Bitcoin Reserve. The meeting will take place at the Bitcoin Nation State Summit, according to American journalist Max Keiser.

Yes‼️

The nation state Saylor play can be rolled out in Ireland. 🇮🇪

This would be TOPIC No. 1 at the Bitcoin Nation State Summit

Between President Bukele 🇸🇻 & Conor McGregor @nayibbukele @TheNotoriousMMA https://t.co/cbk42gtgNa

— Max Keiser (@maxkeiser) May 11, 2025

McGregor, who is running as an independent candidate in Ireland’s upcoming presidential election, has been vocal about his support for cryptocurrency adoption. He recently urged the Irish government to establish a Strategic Bitcoin Reserve, stating that it would “give power back to the people.”

The five-time UFC champion’s interest in Bitcoin comes as the cryptocurrency approaches a new all-time high. Bitcoin is currently trading at $104,529, showing strong market performance in recent months.

McGregor’s Crypto Vision

McGregor’s interest in cryptocurrency extends beyond just Bitcoin. The presidential hopeful has expressed interest in exploring a range of digital assets to improve government processes.

“I can see lots of transparent and trustless applications within crypto,” McGregor stated. “And I can see an immutable people’s money with Bitcoin.”

This approach has sparked debates between Bitcoin maximalists and crypto pluralists. While focusing on a Strategic Bitcoin Reserve, there is speculation that McGregor may also consider a Digital Asset Stockpile of select cryptocurrencies.

Cardano founder Charles Hoskinson has reportedly reached out to McGregor to set up a meeting, though nothing concrete has materialized at the time of writing.

Political and Legal Challenges

Ireland’s next presidential election must be held by November 11, 2025, when current President Michael D. Higgins’ term ends. As an independent candidate, McGregor faces an uphill battle in gaining support for his cryptocurrency proposals.

Any initiative to establish a Bitcoin reserve would require backing from lawmakers and Ireland’s central bank. The task is further complicated by Ireland’s membership in the European Union, which ties its monetary policy to the euro.

McGregor is also dealing with personal legal challenges. He is currently contesting a civil court decision that found him guilty of sexual assault and has previously been investigated on hate speech charges. These factors could potentially impact his credibility with voters.

The former fighter has some experience with cryptocurrency projects, though his track record is mixed. In early April 2025, a token named REAL associated with McGregor’s Real World Gaming team held a 28-hour presale aiming to raise at least $1 million. The effort fell short, raising only about $392,300, and all buyers were refunded.

El Salvador, under President Bukele’s leadership, has shown strong commitment to Bitcoin adoption despite international pressure. The country has continued its Bitcoin acquisition strategy, purchasing one BTC per day even in the face of an IMF embargo against using public funds for such purchases.

McGregor appears to be drawing inspiration from El Salvador’s approach. According to Keiser, “The nation state Saylor play can be rolled out in Ireland,” referring to MicroStrategy CEO Michael Saylor’s Bitcoin accumulation strategy.

The upcoming meeting between McGregor and Bukele could mark the beginning of a new chapter in Ireland’s approach to cryptocurrency, though the path from proposal to implementation remains long and uncertain.

Ireland would join a small group of countries with Bitcoin reserves if McGregor’s vision comes to fruition. Currently, the US, El Salvador, and Bhutan are among the few nations that have established such reserves, all through initiatives from their highest government authorities.

McGregor plans to reveal more details about his cryptocurrency policies in an upcoming X Spaces session, for which he has invited various crypto experts including Anthony Pompliano and David Bailey.

The post Conor McGregor to Meet El Salvador’s President to Discuss Irish Bitcoin Reserve appeared first on CoinCentral.

• U.S. and China agree to temporarily reduce tariffs during a 90-day negotiation period
• U.S. will cut tariffs on Chinese goods from 145% to 30%, while China will reduce its tariffs from 125% to 10%
• Trade negotiations in Geneva were described as “productive” with “important consensus” reached
• Officials from both countries expressed positive views about the agreement
• Treasury Secretary Scott Bessent stated that “neither side wanted a decoupling” of the economies

The United States and China announced a deal to temporarily slash tariffs following weekend negotiations in Geneva, offering relief to markets and businesses affected by the ongoing trade tensions.

The agreement will suspend the punishing tariffs both countries have imposed on each other for 90 days while they work toward a more permanent solution.

Under the terms of the deal, the United States will reduce its tariff rate on Chinese imports from 145% to 30%, while China will lower its duties on American goods from 125% to 10%. The agreement was announced in a joint statement on Monday, though initial word of a deal came Sunday with few specifics.

Treasury Secretary Scott Bessent, who led the U.S. delegation alongside U.S. Trade Representative Jamieson Greer, described the weekend talks as “productive” and yielding “a great deal” of progress.

At a news conference in Geneva, Bessent emphasized the mutual benefits of the agreement, saying,

“We concluded that we have a shared interest. The consensus from both delegations is that neither side wanted a decoupling.”

The development comes after weeks of economic uncertainty that began on April 2 when President Donald Trump announced the 145% tariffs on Chinese goods. Beijing responded with retaliatory tariffs of 125% on U.S. products, escalating tensions between the world’s two largest economies.

Market Response and Economic Impact

Global markets responded positively to the news of the agreement. The benchmark index in Hong Kong surged 3 percent, matching a similar jump in S&P 500 stock futures, as investors welcomed the potential easing of trade tensions.

The tariff standoff had created widespread disruption for businesses on both sides. Many American companies had suspended orders from China while waiting for tariff rates to come down, raising concerns about potential price increases for consumers.

Chinese manufacturers also felt the impact, experiencing a sharp decline in orders for exports to the United States. This added pressure to China’s already sluggish economy, making a resolution appealing to both parties.

President Trump appeared optimistic about the negotiations even before they concluded. In a Saturday post on Truth Social, he wrote that U.S. officials had a “very good meeting today with China” and that “many things discussed, much agreed to.” He characterized the talks as “a total reset negotiated in a friendly, but constructive, manner.”

Chinese officials shared the positive assessment. Vice Premier He Lifeng said the meeting “achieved substantial progress and reached important consensus,” while China International Trade Representative Li Chenggang suggested that a forthcoming statement would contain “good news for the world.”

The agreement also addresses U.S. concerns about fentanyl trafficking. Bessent and Greer indicated that they had substantive discussions on U.S. demands that Beijing crack down on the chemical ingredients used to make the drug. According to Bessent, the Chinese “understood the magnitude” of the fentanyl crisis in the United States.

A 20 percent tariff that Trump initially added to Chinese exports over the fentanyl issue will remain in place, even as the larger tariff reductions take effect.

Both sides agreed to establish “a consultation mechanism for trade and economic issues,” according to Vice Premier Lifeng, suggesting a framework for continued dialogue.

The full details of the agreement are expected to be released soon, with Bessent scheduled to provide a complete briefing on Monday morning. Greer noted the speed of reaching an agreement, saying it “reflects that perhaps the differences were not so large as maybe thought.”

The post U.S.-China Trade Deal: Tariff Reduction Agreement Reached After Weekend Talks appeared first on CoinCentral.

• Democratic senators have asked the US Treasury and DOJ to explain Binance’s connection to the Trump family.
• The senators are concerned about a Trump-linked stablecoin being used to fund a $2 billion investment in Binance.
• Binance previously pleaded guilty to anti-money laundering violations, and its founder was sentenced to prison.
• Lawmakers demanded a report on Binance’s plea deal compliance and timeline for exiting the US market.
• The letter also questioned whether Binance discussed a possible pardon for its founder with any US officials.

Democratic senators have asked the US Treasury and Department of Justice to clarify Binance’s links to the Trump family. This action follows reports that Abu Dhabi’s MGX plans to fund a major investment in Binance using a Trump-linked stablecoin. The senators want assurance that Binance complies with US regulations after its past legal violations.

Binance Faces Scrutiny Over Trump Links

Senators Elizabeth Warren and Chris Van Hollen sent a formal letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi. The letter raised concerns about the Trump family’s connection to Binance through World Liberty Financial’s USD1 stablecoin. Reports suggest MGX will use this stablecoin to fund a $2 billion investment in the exchange.

The senators emphasized that Binance previously pleaded guilty to anti-money laundering violations and paid billions in penalties. They also referenced Binance founder Changpeng Zhao’s conviction and prison sentence in the United States. Therefore, they questioned whether a company with that record should operate freely in the US market.

They pointed out that most of the stablecoin’s supply circulates on the BNB Chain, which Binance controls. This deepens concerns about a direct relationship between Binance and Trump-affiliated financial entities, which the senators argued could pose risks to financial oversight and national interests.

Lawmakers Question Binance Plans and Pardons

The senators requested a clear report by May 21 detailing the steps taken to enforce Binance’s compliance with its plea agreement. They also asked for a timeline outlining Binance’s planned exit from the US, as agreed with regulators. Additionally, they urged the agencies to verify if Binance has followed its obligations after the legal settlement.

The lawmakers also want to know whether Binance has sought a pardon for Zhao from any federal agency. They asked if the company discussed its relationship with World Liberty Financial or plans to list USD1 on its platform. These details, they argued, are essential to determine the extent of Binance’s US activities and political ties.

They warned that expanding the exchange in the US could undermine efforts to enforce federal financial regulations. Since Binance has a history of legal violations, they stressed the need for strict oversight. The senators believe full transparency is critical given the potential involvement of political figures.

Concerns Over Stablecoin Use in Foreign Investment

MGX’s reported use of the USD1 stablecoin to fund an exchange investment has intensified scrutiny from Senate Democrats. They highlighted that World Liberty Financial, which issues USD1, directly connects to the Trump family. This association prompted lawmakers to question whether US policy favors politically connected entities.

The letter expressed concern that Binance might gain a strategic advantage through its ties to politically influential figures. Lawmakers demanded whether WLFI or its affiliates have attempted to list USD1 on the exchange. They also asked whether the stablecoin’s presence on the BNB Chain signals deeper coordination.

The post Senators Push Treasury and DOJ for Answers on Binance-Trump Ties appeared first on CoinCentral.

• Senate Democrats have introduced a new bill to restrict cryptocurrency activities by federal officials and their families.
• The legislation targets explicitly the Trump Family’s involvement in digital asset ventures and related promotions.
• The MEME Act, introduced by Senator Chris Murphy, bans senior officials and their immediate families from promoting or issuing crypto.
• The bill includes penalties of up to $250,000 in civil fines and up to five years in prison for criminal violations.
• A companion bill has been introduced in the House by Representative Sam Liccardo.

Senate Democrats have introduced a new bill seeking to restrict cryptocurrency activities by federal officials and their families. The proposed law directly addresses digital asset concerns, specifically targets the Trump Family’s involvement in crypto projects. The legislation arrives amid rising public scrutiny of crypto ventures tied to President Donald Trump and his associates.

Trump Family Faces Crypto Ban Push

Senator Chris Murphy introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act on May 6 to impose strict crypto regulations. The bill bans the president, vice president, Congress members, and senior officials from promoting or launching digital assets. It also prohibits spouses and children of these individuals, including the Trump Family, from engaging in crypto promotions.

The legislation outlines severe penalties, including civil fines up to $250,000 and mandatory forfeiture of profits to the U.S. Treasury. Additionally, criminal violations may result in up to five years and monetary penalties. Supporters argue the law ensures ethical boundaries and reduces conflicts of interest in federal leadership.

Senator Murphy emphasized that public officials must avoid using their positions for financial gain through unregulated digital markets. Representative Sam Liccardo introduced a matching bill in the House to advance this effort. However, the current Republican majority in both chambers may challenge the bill’s passage.

Today I’m introducing a bill – the MEME Act – to ban a President or Member of Congress from issuing a meme coin.

The Trump Coin is the biggest corruption scandal in the history of the White House. @RepLiccardo and I are determined to put an end to this corruption – for good. pic.twitter.com/nQL9ZfIYYV

— Chris Murphy 🟧 (@ChrisMurphyCT) May 6, 2025

Lawmakers Probe TRUMP Coin Price Surge

Senator Richard Blumenthal launched an investigation into the TRUMP coin and its affiliated platform, World Liberty Financial (WLFI). The Senate’s Permanent Subcommittee on Investigations requested documents from entities tied to the Trump Family’s crypto project. Authorities are examining the 50% price spike that followed a White House gala invitation for TRUMP coin holders.

With his cryptocurrency schemes, Trump is putting a for sale sign in front of the White House. That’s why, as Ranking Member of the Permanent Subcommittee on Investigations, I’m launching an inquiry into this brazen corruption whose scope & scale is staggering. pic.twitter.com/3SiaCrthN8

— Richard Blumenthal (@SenBlumenthal) May 6, 2025

The TRUMP coin, launched January 18, initially peaked at $73.43 before falling to just above $11. This dramatic volatility prompted questions about potential manipulation and personal gain.

Officials are now focusing on whether the Trump Family received undisclosed financial benefits from the project’s performance. Investigators are evaluating if any violations of federal ethics laws or securities regulations occurred. The probe will assess whether public promotion by political figures influenced market behavior.

Trump Family Role Fuels Crypto Concerns

Florida has officially dropped two bills aiming to establish a strategic Bitcoin reserve, ending its recent legislative crypto efforts. House Bill 487 and Senate Bill 550 were withdrawn on May 3 after lawmakers adjourned without a vote. This development places Florida among several states that are halting similar initiatives.

States like Wyoming, Pennsylvania, and South Dakota have also failed to approve crypto-related investment legislation this year. These actions reflect increasing caution among state governments amid federal scrutiny of crypto markets. The Trump Family’s involvement in high-profile tokens may have contributed to these shifts.

Arthur Hayes, BitMEX co-founder, noted the U.S. is unlikely to expand its Bitcoin holdings under current conditions. He cited the national debt and public perception of Bitcoin as key deterrents. The Trump Family’s high-visibility role in crypto may further complicate future governmental adoption.

The MEME Act represents a significant step in tightening oversight over digital assets linked to federal officials and their families. The Trump Family remains central to the ongoing debate about ethics, transparency, and accountability in crypto activities. With multiple investigations underway, further developments are expected in the coming weeks.

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