Trump admin eases export controls for UAE; Warren blasts 'corrupt' provision

The Commerce Department is easing export controls on the United Arab Emirates and says it will “favorably review” semiconductor and server applications involving state-backed investment firm MGX. MGX used USD1, the stablecoin issued by the Trump family-affiliated World Liberty Financial, for its $2 billion investment in Binance. Sen. Elizabeth Warren blasted the decision and called for Commerce Secretary Howard Lutnick to testify about the rule and potential national security risks. The Commerce Department on Friday moved toward easing export controls on the United Arab Emirates , including by saying it will "favorably review" export license applications for MGX , the UAE-backed investment firm that used a stablecoin linked to President Donald Trump 's family for its $2 billion investment in Binance . An unpublished version of a new 17-page rule viewable in the Federal Register includes one sentence about Commerce's Bureau of Industry and Security favorably reviewing applications involving MGX semiconductors and servers bound for the UAE. The rule is scheduled to be officially published on Tuesday, July 14. Sen. Elizabeth Warren , a Massachusetts Democrat, quickly blasted the new rule, calling it " corrupt " because of MGX's use of a Trump-connected stablecoin. MGX used USD1, a stablecoin issued by the Trump family-affiliated World Liberty Financial , to complete its investment in Binance, the world's largest crypto exchange by daily volume. The transaction provided a major source of business for the newly launched USD1 , and fueled questions about whether Trump&...