U.S. Senators urge the Treasury and Justice Departments to investigate the relationship between CEX and Trump.

On May 9, according to Bloomberg, a group of Democratic senators (including Maryland Senator Chris Van Hollen and Massachusetts Senator Elizabeth Warren) sent a joint letter to the Secretary of the Treasury and the Attorney General, requesting an investigation into the connection between CEX and the Trump family’s digital asset project. The letter pointed out that the Abu Dhabi Investment Company MXG completed a $2 billion investment in CEX this March through a USD1 stablecoin controlled by the Trump family, raising concerns about compliance risks. In 2023, CEX pleaded guilty to violating AML regulations, and CZ has served four months in prison. On May 9, Senate Democrats just postponed the passage of the “Stablecoin Act” on the grounds of “preventing current officials from profiting from encryption projects.” The joint letter requested the Treasury and Justice Departments to submit explanations on three aspects by May 21: the progress of CEX’s compliance with the plea agreement, the timeline for exiting the U.S. market, and whether there has been any discussion about a pardon for CZ. According to The Wall Street Journal, representatives of the Trump family had previously negotiated investments in CEX.US (which CZ has denied). The letter stated: “The idea that this administration might allow CEX to continue operating and expanding in the U.S. is deeply troubling, especially given the company’s repeated disregard for federal laws and regulations that protect the safety of Americans.”