The U.S. Commerce Department is easing export controls on the United Arab Emirates, stating it will "favorably review" export license applications for MGX, the state-backed investment firm:
MGX used USD1, a stablecoin issued by Trump family-affiliated World Liberty Financial, for its $2 billion investment in Binance:
Senator Elizabeth Warren criticized the decision, calling it "corrupt," and called for Commerce Secretary Howard Lutnick to testify about the rule and potential national security risks:
The Commerce Department stated it will "significantly upgrade the status of the United Arab Emirates" under export regulations, recognizing the UAE's status as a U.S. Major Defense Partner:
Warren noted, "We already know that the UAE royal behind G42 and MGX secretly bought a 49% stake in the Trump crypto company, World Liberty Financial":
