Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
Share
Democratic lawmakers have launched a new probe into former President Donald Trump’s growing involvement in the crypto industry, requesting detailed financial reports from the U.S. Treasury related to his digital ventures.
In a letter dated May 14, Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin asked Treasury Secretary Scott Bessent to release all suspicious activity reports (SARs) filed since 2023 concerning several Trump-linked entities.
These include World Liberty Financial (WLF) and the Official Trump token (TRUMP), both central to Trump’s recent foray into digital assets.
Inside SARs: How FinCEN Tracks Financial Crime
Suspicious activity reports are filed with the Financial Crimes Enforcement Network (FinCEN) when financial institutions detect potentially illicit activities, such as money laundering or fraud.
The lawmakers also requested SARs mentioning WinRed, America PAC, Elon Musk, PACs in general, MELANIA, Justin Sun, and several other figures and organizations. They set a deadline of May 30 for the Treasury to respond.
The goal, the lawmakers said, is to assess whether new legislation is needed to prevent potential violations of campaign finance, securities, bribery, and anti-corruption laws.
“We must guard against financial misconduct connected to current or prospective federal officials,” the letter reads.
A key concern is that World Liberty Financial may have enabled foreign influence.
The token sale reportedly included offerings to international investors, which Democrats argue are subject to looser regulatory oversight than their U.S. counterparts.
Additionally, the involvement of crypto entrepreneur Justin Sun—who invested in WLF and recently saw the SEC pause its lawsuit against him—has raised further red flags.
The Trump coin is also under scrutiny. Lawmakers pointed out that the identities of buyers are not publicly disclosed, creating a potential avenue for undisclosed influence or favoritism toward the former president through token purchases.
This is the latest in a series of Democratic efforts to scrutinize Trump’s ties to the crypto sector.
Earlier this month, senators called on the Department of Justice and Treasury to investigate links between Trump and Binance.
On May 6, House Democrats introduced two bills and opened a subcommittee investigation into whether Trump could personally profit from these digital ventures while campaigning for reelection.
Senate Democrats Target Trump Family in New Bill Banning Crypto Issuance by Officials
Last week, Senate Democrats introduced new legislation aimed at curbing financial gains by federal official, including former President Donald Trump and his family, through cryptocurrency ventures.
The move comes amid growing scrutiny over Trump-linked digital asset projects, including a meme coin that has drawn significant public attention.
The proposed legislation, titled the Modern Emoluments and Malfeasance Enforcement (MEME) Act, was unveiled on May 6 by Senator Chris Murphy.
The bill seeks to bar the president, vice president, members of Congress, senior executive officials, as well as their spouses and children, from issuing, sponsoring, or promoting digital assets, including securities, commodities, and futures.
