title: US Senator Elizabeth Warren Raises Red Flags About Donald Trump's Association with the Crypto Industry

US Senator Elizabeth Warren has raised major red flags about Donald Trump's association with the crypto industry and the recent $2 billion deal backed by the United Arab Emirates

A U.S. Senator has slammed former President Donald Trump over his alleged involvement in the crypto industry and a recent $2 billion deal with the United Arab Emirates, which she believes will serve as an avenue for massive corruption.

Senator Elizabeth Warren urged the U.S. Senate to halt the crypto legislation—the GENIUS Act—ahead of this week’s session.

The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the United Arab Emirates—a foreign government—will give them a crazy amount of money.

The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.

The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.

— Elizabeth Warren (@SenWarren) May 4, 2025

Massachusetts Senator Elizabeth Warren is known for her critical stance on the Trump family. In her latest comments, Senator expressed concern over the recently launched USD1 stablecoin, backed by short-term U.S. Treasuries. This stablecoin is being issued by Donald Trump’s Defi project, World Liberty Financial.

The global stablecoin market currently has over $245 billion in circulation. According to CoinGecko, USD1 ranks seventh among stablecoins, with most being backed by short-term U.S. Treasuries and other real-world debt instruments.

World Liberty’s USD1 will be used as the settlement currency for MGX’s $2 billion investment in Binance, the global cryptocurrency exchange. Abu Dhabi’s sovereign wealth fund is investing in MGX.

Last week, Witkoff made a public announcement of the deal during a crypto convention in Dubai, where he was joined by Eric Trump on stage.

“This is a bill that would make it even easier for the president and his family to profit off their own stablecoin and oversee their own financial company,” Senator Elizabeth said, referring to the crypto legislation, known as the GENIUS Act, last week.

The bill, which aims to establish the first U.S. regulatory framework for stablecoins, has faced criticism from Senator Elizabeth, who believes it could have implications for President Trump’s new defi project, World Liberty Financial.

The GENIUS Act, sponsored by Senator Bill Hagerty (R-TN), received bipartisan support in March when it passed the Senate Banking Committee and is scheduled for a vote on the floor this week. The bill is expected to be approved by the Senate and sent to President Biden for his signature.