Democratic lawmakers have launched a brand new probe into former President Donald Trump’s rising involvement within the crypto trade, requesting detailed monetary reviews from the U.S. Treasury associated to his digital ventures.
In a letter dated Could 14, Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin requested Treasury Secretary Scott Bessent to launch all suspicious exercise reviews (SARs) filed since 2023 regarding a number of Trump-linked entities.
These embrace World Liberty Monetary (WLF) and the Official Trump token (TRUMP), each central to Trump’s current foray into digital belongings.
Inside SARs: How FinCEN Tracks Monetary Crime
Suspicious exercise reviews are filed with the Monetary Crimes Enforcement Community (FinCEN) when monetary establishments detect probably illicit actions, similar to cash laundering or fraud.
The lawmakers additionally requested SARs mentioning WinRed, America PAC, Elon Musk, PACs basically, MELANIA, Justin Solar, and a number of other different figures and organizations. They set a deadline of Could 30 for the Treasury to reply.
The aim, the lawmakers mentioned, is to evaluate whether or not new laws is required to forestall potential violations of marketing campaign finance, securities, bribery, and anti-corruption legal guidelines.
“We should guard towards monetary misconduct related to present or potential federal officers,” the letter reads.
A key concern is that World Liberty Monetary might have enabled international affect.
NEW TODAY: Oversight Dems, @HouseJudiciary, and @HouseAdm_Dems are demanding the Treasury Dept flip over Suspicious Exercise Stories on these organizations to analyze election fraud & corruption.
Democrats are combating to guard the integrity of our govt and our elections. pic.twitter.com/H84miZjBbL— Oversight Committee Democrats (@OversightDems) Could 14, 2025
The token sale reportedly included choices to worldwide buyers, which Democrats argue are topic to looser regulatory oversight than their U.S. counterparts.
Moreover, the involvement of crypto entrepreneur Justin Solar—who invested in WLF and not too long ago noticed the SEC pause its lawsuit towards him—has raised additional pink flags.
The Trump coin can also be beneath scrutiny. Lawmakers identified that the identities of patrons are usually not publicly disclosed, creating a possible avenue for undisclosed affect or favoritism towards the previous president by way of token purchases.
That is the most recent in a collection of Democratic efforts to scrutinize Trump’s ties to the crypto sector.
Earlier this month, senators known as on the Division of Justice and Treasury to analyze hyperlinks between Trump and Binance.
On Could 6, Home Democrats launched two payments and opened a subcommittee investigation into whether or not Trump may personally revenue from these digital ventures whereas campaigning for reelection.
Senate Democrats Goal Trump Household in New Invoice Banning Crypto Issuance by Officers
Final week, Senate Democrats launched new laws geared toward curbing monetary beneficial properties by federal official, together with former President Donald Trump and his household, by way of cryptocurrency ventures.
The transfer comes amid rising scrutiny over Trump-linked digital asset tasks, together with a meme coin that has drawn important public consideration.
The proposed laws, titled the Fashionable Emoluments and Malfeasance Enforcement (MEME) Act, was unveiled on Could 6 by Senator Chris Murphy.
The invoice seeks to bar the president, vp, members of Congress, senior government officers, in addition to their spouses and youngsters, from issuing, sponsoring, or selling digital belongings, together with securities, commodities, and futures.
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