Three Democratic members of Congress are requesting the US Treasury for records related to crypto projects linked to President Donald Trump.
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 (WLF) 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?
Subscribe – We publish new crypto explainer videos every week!
Hot VS Cold Wallet: Which One Do YOU Need? (Animated)
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 WLF’s 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.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
