Democrats Request Treasury Records on Trump-Linked Crypto Projects
U.S. Democratic lawmakers are intensifying scrutiny of Donald Trump’s cryptocurrency ventures, seeking access to suspicious activity reports (SARs) that may mention him, his wife Melania, and several associates, including crypto entrepreneur Justin Sun.
In a letter dated May 14, Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin urged Treasury Secretary Scott Bessent to provide any SARs filed since 2023 that reference World Liberty Financial (WLF) or the Trump-branded crypto token. U.S. financial institutions are required to submit SARs to the Financial Crimes Enforcement Network (FinCEN) when they detect potential financial crimes such as fraud or money laundering.
The lawmakers’ request is broad, also covering SARs that mention entities like WinRed, America PAC, Elon Musk, and other Trump-affiliated organizations or individuals. The deadline for submitting the records is May 30.
The probe is intended to evaluate whether new laws are needed to prevent abuses of campaign finance, securities regulation, anti-bribery statutes, and other federal protections. Lawmakers expressed concern that WLF could serve as a vehicle for foreign influence, particularly since it marketed tokens to overseas investors, who face looser regulations than those in the U.S.
Justin Sun’s investment in WLF, along with a stalled SEC lawsuit against him over alleged securities violations, has also raised red flags. The Trump coin has drawn criticism for its lack of transparency regarding who is purchasing the tokens—creating a possible avenue for individuals to gain influence with Trump.
In addition to the Trump ventures, Democrats are also requesting SARs connected to Republican fundraising platform WinRed, Elon Musk’s super PAC (which reportedly contributed $250 million to Trump’s campaign), and two other political action committees.
This initiative follows earlier Democratic actions to investigate Trump’s crypto involvement. On May 9, a group of senators contacted the Justice and Treasury Departments over Trump’s connections to Binance and the risk of regulatory conflicts of interest. Just days earlier, on May 6, Democrats introduced legislation and launched a subcommittee probe aimed at curbing Trump’s potential crypto profits.
