Exclusive: Dems press Trump to divest from stablecoin

Senate Democrats are asking President Trump to divest from his cryptocurrency empire as he embarks on his Middle East trip this week, Axios has learned.Why it matters: Democrats have raised corruption concerns over the Trump family's crypto dealings.Driving the news: Sens. Elizabeth Warren (D-Mass.) and Chris Van Hollen (D-Md.) urged himTrump on Monday to divest from his stablecoin before reaching any agreements with foreign governments on his trip abroad.The Democrats warned against allowing foreign governments to use the stablecoin to influence Trump's decision making.The New York Times reported earlier this month that Trump's family members could profit from the $2 billion worth of their Stablecoins that would be used for a foreign transaction involving an Abu Dhabi investment fund. What they're saying: "You can eliminate at least one venue for corruption ... by divesting all of your interests and your family's interests" in the stablecoin, the lawmakers wrote.Democrats see the potential for high levels of corruption with Trump's crypto deals, and used some of those concerns to derail a bipartisan crypto regulation bill last week.Between the lines: It's not just the deal involving the Abu Dhabi investment fund that has spooked Democrats.The official website for Trump's meme coin invited its top 220 investors to an "intimate private dinner" with the president later this month. References to the White House were later scrubbed from the website.Zoom out: Trump is eyeing $1 trillion worth of deals and investments during his trip to the Middle East this week, Axios reported on Monday.The trip also comes as Qatar is planning to donate a $400 million luxury jet to the U.S. to be used as the new Air Force One.Warren and Van Hollen also pressed Trump on the U.S. considering loosening export restrictions on AI chip to the UAE ahead of the president's visit.Go deeper: Congress erupts over Trump's billion-dollar crypto deal

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