U.S. House Democrats have intensified scrutiny of Donald Trump’s crypto dealings, demanding the Treasury Department release suspicious activity reports (SARs) linked to his digital ventures, including the Trump-themed cryptocurrency and World Liberty Financial (WLF).
In a letter dated May 14 and addressed to Treasury Secretary Scott Bessent, Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin called for all SARs filed since 2023 relating to WLF and the Trump-branded TRUMP token. The lawmakers requested that the documents be submitted by May 30.
NEW TODAY: Oversight Dems, @HouseJudiciary, and @HouseAdm_Dems are demanding the Treasury Dept turn over Suspicious Activity Reports on these organizations to investigate election fraud & corruption.
Democrats are fighting to protect the integrity of our govt and our elections. pic.twitter.com/H84miZjBbL
— Oversight Committee Democrats (@OversightDems) May 14, 2025
Under U.S. law, financial institutions must file SARs with the Financial Crimes Enforcement Network (FinCEN) when they detect potential fraud, money laundering, or other suspicious behaviour. The Democratic lawmakers said their request is part of a broader probe to evaluate whether new laws are needed to curb campaign finance abuses, bribery, securities fraud, and other misconduct potentially tied to federal officials.
The investigation seeks SARs that mention Trump-related entities, WinRed, America PAC, Elon Musk, PACs in general, Trump’s wife Melania, and crypto entrepreneur Justin Sun—whose investment in WLF and paused SEC case has raised further concerns among lawmakers.
Democrats argue that WLF’s offering to foreign investors risks becoming a “vehicle for foreign influence,” especially as international buyers face looser regulatory oversight than U.S. participants. Additionally, they flagged a lack of transparency surrounding buyers of the TRUMP token, warning that the coin could become a tool for influence-peddling by undisclosed actors seeking favour with the former president.
Elon Musk’s pro-Trump super PAC, which reportedly contributed $250 million to Trump’s campaign, also falls under the scope of the SAR request.
This latest move marks an escalating effort by Democrats to examine Trump’s crypto footprint. On May 9, a group of senators reportedly sent a letter to the Department of Justice and Treasury Department, citing possible conflicts of interest stemming from Trump’s alleged ties to crypto exchange Binance.
Earlier, on May 6, House Democrats introduced two bills and opened a subcommittee investigation aimed at limiting Trump’s ability to personally benefit from digital asset initiatives while potentially influencing regulatory policy.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
