Two Democrats on the U.S. Senate Banking Committee and the Senate Agriculture Committee are planning to vote for the Market Structure Bill soon, indicating they would oppose the law without examining the two White House officials.
In a letter to staff members to the US State Department, Commerce and the Bureau of Ethics on Tuesday, Senator Elizabeth Warren and Elissa Slotkin called on authorities to investigate US President Donald Trump’s AI and Crypto Emperor David Sachs and his special envoy, Steve Whitkoff of the Middle East.
The two Democrats signaled that they would not support legislation to establish a digital asset market structure currently moving through the Senate, without information on “whether the interests of politically connected cryptos undermine our national security.”
Warren and Slotkin’s letter comes from a September 15 New York Times report on a $2 billion transaction between Abu Dhabi-based investment company MGX and cryptocurrency exchange binance. The investment, announced in March, was resolved using USD1 Stablecoin, issued by World Liberty Financial, the Trump family’s crypto business. According to The New York Times, Sacks and Witkoff have accelerated the transaction by providing access to AI chips.
“In our country’s foreign policy history, one has struggled to find two senior officials with such important conflicts of interest involved in national security decisions,” the two senators wrote. “This unlimited conflict of interest has no place in the US government. We recommend that you make a prompt and thorough assessment of these allegations.”
Added letters:
“This information is also important as Congress seeks to take into account the laws of the digital asset market structure and ensure that crypto corruption does not undermine our national security.”
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Warren, a ranking member of the Senate Banking Committee, and Slotkin, a member of the Senate Agriculture Committee, could represent key votes and pioneers of other Democrats if the Chamber of Commerce is expected to consider the Market Structure Bill.
Last week, a group of 12 Democrats signaled that they would work with Republicans if they supported the provisions of the potential bill, including “preventing corruption and abuse” and other provisions. Warren said in August that he supported regulating digital assets, but that it is not the case under the law “written by the crypto industry.”
https://www.youtube.com/watch?v=vkc5qcrvdc0
Crypto Bill was already late after the parliamentary break
The U.S. House of Representatives’ Market Structure Bill initially faced several hurdles regarding Republican concerns over central bank digital currency (CBDC), but in July it passed the conference room along with the Stablecoin Genius Bill and the Anti-CBDC Surveillance Act. The housing market structure bill, called the Clarity Act, was passed with bipartisan support, with 78 Democrats voted for Yey.
However, since moving to the Senate, the law has faced similar challenges. Wyoming Sen. Cynthia Ramis, who is a member of the Banking Committee and is one of the leading supporters of the Market Structure Bill, said the Republicans’ goal is to remove the bill from the committee by the end of the month. However, at the time of publication, no scheduled votes occurred on the Banking Committee calendar.
Those familiar with the issue told Cointelgraf that Republicans were involved with Democrats over a Senate bill entitled “Responsible Financial Innovation Act” and hoped that the law would be signed by 2026.
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