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Elizabeth Warren Calls UAE Chip Export Rule 'Corrupt' as Commerce Department Eases Controls on Trump-Link
The unpublished 17-page rule, which can be seen in the Federal Register, favors MGX, which used USD1 (CRYPTO: USD1) to fund its Binance stake.
Warren Blasts ‘Corrupt’ Deal, Demands Testimony
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.
G42, Tech Giants Get Streamlined Chip Access
The rule also grants license exceptions for certain advanced-computing equipment to UAE firm G42, run by Sheikh Tahnoon, and its cloud subsidiary Core42.
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The unpublished rule will take effect on Jul. 14.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.
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