senator

On June 23, five Democratic senators from the U.S. Senate, including Elizabeth Warren and Richard Blumenthal, jointly sent a letter requesting multiple Senate committees to hold hearings immediately regarding the $500 million investment by UAE officials in the Trump family's cryptocurrency project WLFI, to investigate whether this investment influenced the Trump administration's subsequent policy decisions towards the UAE.According to the letter, an agent for a member of the Abu Dhabi royal family signed an agreement with the Trump family to acquire a 49% stake in WLFI for $500 million, with the agreement completed four days before Trump's inauguration. The foreign buyer prepaid $218 million to entities associated with the Trump family and Middle East chief diplomat Steve Witkoff. The deal was reportedly endorsed by UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan, and the senators described this move as "unprecedented in U.S. political history."More concerning is the policy direction following the completion of the deal. The letter lists a series of decisions made by the Trump administration within months of the agreement that were clearly favorable to the UAE: approval of $1.4 billion in arms sales to the UAE; the Treasury Department establishing a "known investor pilot" program, which opened the green light for a fast-track approval process for the UAE that had long been lobbied for by CFIUS; and the Commerce Department lifting chip export restrictions from the Biden era, authorizing UAE AI company G42 to acquire 35,000 Nvidia Blackwell chips, with a transaction amount exceeding $1 billion. However, U.S. intelligence officials reportedly found that G42 had provided U.S. technology that could enhance missile capabilities to China.The senators demanded that Trump administration officials "explain under oath when they became aware of the payments to the president and his chief regional diplomat's family," and provide clarification on how to restore public trust. Currently, neither WLFI nor the UAE government has responded to this matter.

Democratic senators in the United States are urging an investigation into the Trump family's alleged $500 million cryptocurrency deal with the Abu Dhabi royal family.

According to Fortune, Theodore Gillibrand, the son of New York Senator Kirsten Gillibrand, has completed a $30 million financing round, with the company valued at approximately $300 million. They plan to launch a derivatives trading platform named American Perpetuals Exchange Corp. (APEC). The platform intends to apply for a license from the U.S. Commodity Futures Trading Commission and aims to list perpetual futures for stocks and stock indices, rather than perpetual contracts for cryptocurrencies.

According to The Block, a bipartisan group of lawmakers led by U.S. Senator Cynthia Lummis has written to the Treasury Department, requesting the maintenance of states' authority to regulate stablecoins under the GENIUS Act. The act allows stablecoin issuers with a market capitalization of no more than $10 billion to be regulated by states, provided that state-level rules are "substantially similar" to federal rules. The Treasury Department released proposed rules in April, suggesting broad principles for determining whether state systems are "substantially similar," but did not clarify the timeline and standards for state regulation. The senators stated in their letter that the lack of clarity "creates uncertainty for the states," and therefore requested the Treasury Department to issue guidance that clarifies the application, review, and certification processes for state systems. The New York State Department of Financial Services proposed formal rules last week to align its stablecoin framework with the GENIUS Act.

A bipartisan group of senators led by Cynthia Lummis has written to U.S. Treasury Secretary Scott Bessent, requesting that the Treasury maintain states' regulatory authority over certain stablecoin issuers when formulating implementation rules for the GENIUS stablecoin bill. The GENIUS Act was signed into law last year, establishing a federal regulatory framework for stablecoins in the United States, requiring that stablecoins be fully backed by U.S. dollars or similar high-liquidity assets, and mandating that issuers with a market capitalization exceeding $50 billion undergo annual audits, while also setting rules for offshore issuance.The bill allows stablecoin issuers with a market capitalization of no more than $10 billion to be regulated at the state level, as long as the relevant state regulatory systems are "substantially similar" to federal requirements. The senators believe that the rules previously proposed by the Treasury do not clearly outline the timeline and standards for state regulatory system applications, reviews, and certifications, creating uncertainty for the states. The letter points out that there are significant differences in legislative cycles across states, with some states even adopting a biennial legislative cycle, thus requiring a flexible and continuously open certification mechanism to ensure that states can apply for certification when demand arises, rather than being constrained by timing mismatches that limit innovation and competition.

According to CoinDesk, U.S. Senator Cynthia Lummis stated that establishing clear regulatory rules for the cryptocurrency industry "is not about helping the industry, but about protecting every American who wishes to participate in this economic activity."She emphasized that a clear and predictable regulatory framework helps ordinary investors to participate in the cryptocurrency market in compliance and manage risks, rather than just serving industry institutions or large companies.

According to Jinshi, U.S. Senator and Vice Chair of the Democratic Caucus Elizabeth Warren has called on the SEC to postpone SpaceX's IPO and requested a review of this IPO.

According to The Block, U.S. Senator Elizabeth Warren sent a letter to Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, questioning whether the agency is capable of taking on greater regulatory responsibilities for cryptocurrency and prediction markets. Warren pointed out that CFTC's staff has decreased by about 25%, and enforcement activities have significantly declined, stating that expanding responsibilities would be a "recipe for disaster." She criticized the CFTC's handling of cases involving Gemini, Polymarket, and Crypto.com, and noted that officials attempting to raise concerns about the relevant companies have been sidelined from the agency. Selig insisted that prediction markets and event contracts fall under CFTC's "exclusive jurisdiction," and the agency has even sued several states attempting to ban the operation of prediction market platforms. In her letter, Warren requested the agency to provide records related to personnel changes, communications with prediction market companies, and the Clarity Act.

Senator Kevin Cramer stated in an interview that the U.S. Congress must immediately pass the Clarity Act, or else the cryptocurrency industry and future financial control will completely shift to other countries around the world.He emphasized, "This is not a Bitcoin issue, but a strategic issue of who controls the future of finance."

According to CoinDesk, U.S. Senator Cynthia Lummis, along with several Senate Republicans, urged financial regulators to abolish the 1,250% punitive risk weight set by the Basel Committee on digital assets and to establish a new capital framework so that banks can meaningfully participate in the cryptocurrency market.

According to The Block, U.S. Senators Bernie Sanders and Elizabeth Warren, along with Representative Robert Scott, sent a letter to the Department of Labor requesting the withdrawal of a proposed rule that would allow 401(k) retirement plans to include alternative assets such as cryptocurrencies. The lawmakers stated in the letter that the proposed rule would create a so-called safe harbor for fiduciaries offering alternative investments, which would strip retirement savers of long-standing investor protections and encourage the use of riskier, more complex, and expensive investments.The Department of Labor announced the proposed rule in March, providing guidance steps for 401(k) plan managers to include alternative assets (including private equity, real estate, and digital assets) in their portfolios. Lawmakers expressed concerns about the volatility of digital assets and cited a Federal Bureau of Investigation report indicating that crypto-related fraud losses could exceed a record $11 billion in 2025. They also pointed out the Trump family's conflicts of interest in the crypto space, stating that the Department of Labor's proposed rule could enhance the president's interests at the expense of ordinary workers and retirees.

The Digital Chamber, a cryptocurrency industry organization, responded to Senator Elizabeth Warren's concerns regarding the recent approval of national trust charters by the OCC, stating that her claims about cryptocurrency companies being "improperly approved" are unfounded.Previously, Warren wrote to the Office of the Comptroller of the Currency (OCC), stating that the recent approvals granted to digital asset companies such as Ripple, Circle, Paxos, Fidelity, BitGo, and Coinbase may violate the National Bank Act and have not adhered to the same regulatory standards as traditional banks.The Digital Chamber stated that the OCC has the authority to grant national trust charters to qualified institutions, and that these arrangements do not equate to a relaxation of regulation. The organization represents over 250 cryptocurrency-related entities and believes that these charters help to integrate digital asset services into a clearer federal regulatory framework.

Senator Lummis stated that the CLARITY Act will end the regulatory ambiguity faced by American crypto consumers and the industry.

U.S. Senator Cynthia Lummis from Wyoming stated, "No rules do not mean no harm, but rather mean no recourse," and reiterated her push for the Clarity Act legislation over the years, emphasizing that the bill aims to provide a clear regulatory framework for the development of digital assets within the United States.

On May 18, U.S. Senator Elizabeth Warren wrote to the Office of the Comptroller of the Currency (OCC) stating that the agency has improperly granted national trust charters to at least nine cryptocurrency companies since December 2025. Elizabeth Warren pointed out that the businesses these companies plan to engage in exceed the limited functions allowed by law for national trust banks, essentially attempting to circumvent the fundamental protections and obligations of banking through crypto banking. It is reported that the companies that have received or conditionally approved include Ripple, Circle, Paxos, Fidelity, BitGo, Coinbase, Stripe's subsidiary Bridge, and Crypto.com. The American Bankers Association urged the OCC in February to slow down the approval of related licenses, and Elizabeth Warren warned that this move would weaken consumer protections and pose regulatory arbitrage risks.

According to Bloomberg, Senator Elizabeth Warren has questioned the decision by financial regulators to allow cryptocurrency companies into the banking system. The Massachusetts Democrat wrote to Jonathan Gould, head of the Office of the Comptroller of the Currency (OCC), pointing out that the regulator has approved at least 9 national trust charters for crypto companies that "seem to be unqualified." Warren stated that these charters "appear to far exceed the narrow scope of activities permitted by law," constituting a "clear violation of the National Bank Act." She questioned whether the OCC adhered to relevant legal provisions during the approval process and requested clarification on the compliance of these cryptocurrency companies in obtaining banking charters.

According to Cryptopolitan, U.S. Senator Lummis stated in an interview with CNBC that large banks are trying to block the advancement of clear cryptocurrency regulatory legislation because they cannot compete with the crypto industry.She emphasized that the popularity of Bitcoin is unstoppable, "this will become the financial system of the future."

The CLARITY Act has been reviewed by the U.S. Senate Banking Committee today and will next enter the full Senate voting stage.According to Mars Finance, the market is optimistic about the completion of the legislation this year, with the success probability predicted by the market Polymarket exceeding 70%. However, the bill must first pass the critical procedural threshold of the "motion to end debate," which requires at least 60 votes in favor from the 100 senators; otherwise, it may face indefinite delays.Reports indicate that two Democratic senators have explicitly crossed party lines to support the bill, and all 51 Republican senators are expected to vote in favor. Therefore, at least 7 Democratic senators' support is still needed to advance the bill to the final voting stage.In addition, the CLARITY Act will need to be integrated with the version from the Senate Agriculture Committee. The Banking Committee version mainly involves the SEC regulatory framework, securities classification, trading platform registration, and DeFi protection; the Agriculture Committee version focuses on CFTC regulation, digital commodity spot and derivatives markets, among other areas. The final unified text will be submitted for Trump’s signature after being voted on by both houses.Previous news: The U.S. Senate Banking Committee passed the CLARITY Act with a vote result of 15:9.

Democratic Senator Jack Reed stated at the CLARITY bill hearing that Iran is using cryptocurrency to procure sensitive goods, and the drones they are acquiring are wreaking havoc in the Persian Gulf. Moreover, most of this funding has turned into stablecoins. If we truly support our military, we should cut off their (Iran's) funding sources.

U.S. Senator Warren requests the U.S. Securities and Exchange Commission (SEC) to investigate the cryptocurrency company of President Trump's family.