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Trump administration to favorably review UAE exports involving MGX
The Commerce Department says it will take a more favorable stance on exports tied to MGX, after the firm used a stablecoin linked to President Trump’s family for a $2 billion Binance investment, according to CNBC.
The Trump administration will direct the Commerce Department to review certain export applications involving MGX in a more favorable way, a move that has drawn criticism from Sen. Elizabeth Warren, CNBC reports.
CNBC World says the policy change centers on MGX, which the outlet reports used a stablecoin linked to President Trump’s family in connection with a $2 billion Binance investment.
The reporting also highlights Warren’s response, describing her criticism of what she calls a corrupt provision tied to the administration’s approach, according to CNBC.
The Commerce Department decision applies to exports involving MGX, as the administration seeks to ease export controls tied to the company’s activities, CNBC adds.