Story perspectives

Senators Probe Binance’s $2B Deal Tied to Trump

10/16/2025

Center

Senators Scrutinize Binance

Senators Jeff Merkley and Elizabeth Warren questioned Binance and MGX about using the USD1 stablecoin for a $2 billion investment benefiting Donald Trump’s family.
President Donald Trump signed an executive order allowing TikTok to stay operational, with MGX as a potential investor.
MGX, a state-backed Abu Dhabi fund, faces scrutiny over ties to Donald Trump, its China connections, and use of the USD1 for transactions.

Left

Trump Secures TikTok Deal

President Donald Trump announced a deal for TikTok's Chinese parent company to create a U.S. version of the app, asserting it ensures American control over its algorithms.
Former Representative Cathy McMorris Rodgers commended the bipartisan effort to safeguard U.S. interests.
Billionaire Frank McCourt is examining the legality of the proposed sale to a new investor group, which includes Oracle and Lachlan Murdoch.
McCourt's initiative aims to enhance user control over personal data amid ongoing data privacy and national security concerns.

History

Historical Context

In 2020, President Donald Trump signed Executive Order 13942, targeting TikTok amid rising concerns over data privacy and national security, particularly regarding its Chinese parent company, ByteDance. This followed a 2019 investigation by the Committee on Foreign Investment in the United States (CFIUS) into ByteDance's acquisition of Musical.ly. By 2023, TikTok had over 150 million monthly users in the U.S., highlighting its significant cultural impact.

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Senators Scrutinize Binance

Senators Jeff Merkley and Elizabeth Warren questioned Binance and MGX about using the USD1 stablecoin for a $2 billion investment benefiting Donald Trump’s family.
President Donald Trump signed an executive order allowing TikTok to stay operational, with MGX as a potential investor.
MGX, a state-backed Abu Dhabi fund, faces scrutiny over ties to Donald Trump, its China connections, and use of the USD1 for transactions.

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