Stay updated with the latest stock market news and insights
Weekly insights + SMS alerts
The Commerce Department eased export controls on the United Arab Emirates on Friday, pledging favorable reviews for license applications involving MGX despite the fund's use of a President Donald Trump family-linked stablecoin in its $2 billion investment in Binance (CRYPTO: BNB).
The unpublished 17-page rule, which can be seen in the Federal Register, favors MGX, which used USD1 (CRYPTO: USD1) to fund its Binance stake.
In a statement released Friday, Sen. Elizabeth Warren (D-Mass.) called the deal "corrupt," citing Trump's reported $263 million gain tied to the arrangement, which was part of the $1.4 billion he earned from crypto ventures last year.
She called on Commerce Secretary Howard Lutnick and Under Secretary Jeffrey Kessler to testify before the Senate Banking Committee.
The rule also grants license exceptions for certain advanced-computing equipment to UAE firm G42, run by Sheikh Tahnoon, and its cloud subsidiary Core42.
Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), Meta Platforms (NASDAQ: META), Microsoft (NASDAQ: MSFT), Oracle (NYSE: ORCL) and xAI would receive streamlined treatment for controlled equipment used in UAE data center projects.
This isn't G42's first scrutiny. Senate Democrats alleged in June that intelligence officials found G42 routing U.S. chip technology toward programs strengthening China's missile systems, despite the firm's earlier pledge to sever China ties.
The unpublished rule will take effect on Jul. 14.
According to a May report, the UAE is also seeking a U.S. currency swap line, part of a broader push for closer financial ties with Washington.
Real-time alerts on price moves, news, and trading opportunities.
Join 20,000+ investors. No spam, ever.
