Democrats Demand Treasury Files on Trump-Linked Crypto Activity

In a letter dated May 14, Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin called on Treasury Secretary Scott Bessent to hand over all suspicious activity reports (SARs) filed since 2023 that mention World Liberty Financial (WLFI) or the OFFICIAL TRUMP token (TRUMP).

Banks and other financial firms are required to submit SARs to the Financial Crimes Enforcement Network (FinCEN) when they notice transactions that might involve illegal activity, such as fraud or money laundering.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is BNB? The Truth Behind Binance Smart Chain (Animated)

SUBSCRIBE

ON YOUTUBE

The lawmakers are also asking for any reports that mention a list of names and organizations, including President Trump himself, Melania Trump, WinRed (the Republican fundraising platform), Elon Musk, Justin Sun, and several political action committees (PACs). They set a deadline of May 30 for the Treasury to respond.

The lawmakers explained they want to assess whether new laws are needed to stop potential violations of campaign finance rules, protect consumers, and prevent bribery or securities fraud.

One part of the letter points to concerns about the WLFI token sales. Some of those tokens were sold to overseas buyers, who often face fewer rules than US investors.

Additionally, the letter asks for SARs involving WinRed and a political group backed by Elon Musk, which reportedly donated $250 million to President Trump’s campaign.

The TRUMP token is another focus. The lawmakers say that since the buyers’ identities are not public, there is a risk that some people could try to gain favor with President Trump by purchasing large amounts of the token without being noticed.

Justin Sun’s role is also under the spotlight. He invested in WLF, and while the SEC had filed a case against him for allegedly breaking securities laws, that case is currently on hold.

On April 24, Democratic Senators Elizabeth Warren and Adam Schiff requested an ethics investigation after President Trump offered private access to holders of the TRUMP token. What did they say? Read the full story.