The investigation is requesting the release of any suspicious activity reports in which names such as Trump, World Liberty Financial, WLF, TRUMP, MELANIA, and Justin Sun, among others, are mentioned.
A letter has been sent by U.S. Democrat lawmakers to the U.S. Treasury, requesting access to suspicious activity reports (SARs) related to various crypto initiatives supported by Trump, as part of an ongoing investigation into the former president’s digital asset ventures.
A letter dated May 14 was written by Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin, requesting that Treasury Secretary Scott Bessent provide all suspicious activity reports (SARs) filed since 2023 concerning World Liberty Financial (WLF) and the Official Trump token.
Suspicious activity reports (SARs) are required to be filed by financial institutions in the United States with the Financial Crimes Enforcement Network, an agency under the Department of the Treasury, upon identifying potentially suspicious behavior, such as fraud or money laundering.
A broad investigation has called for the submission of any suspicious activity reports (SARs) referencing WinRed, America PAC, Elon Musk, political action committees (PACs), Trump, World Liberty Financial, WLF, TRUMP, MELANIA, and Justin Sun, with a deadline set for no later than May 30.
It has been stated by the Democratic lawmakers that the purpose of their investigation is to “assess whether new legislation is required to prevent breaches of campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption statutes,” as well as to safeguard against “financial wrongdoing linked to current or potential federal officials.”
Democrats Warn of Potential Misuse of WLF and Trump Coin
Within the letter, it was argued by the lawmakers that WLF might have been exploited as a “channel for foreign influence peddling,” since a portion of its token offering was directed at foreign investors, who are “typically governed by less rigorous regulations than those applied to U.S. investors.”
Concerns have also been raised regarding Justin Sun’s investment in WLF, along with the temporary suspension of the SEC’s lawsuit that accused the crypto entrepreneur of violating securities regulations.
Criticism has also been directed at Trump’s token, as it was argued by the lawmakers in their letter that the anonymity of coin purchasers poses a risk, potentially allowing bad actors to “gain favor with Trump” through undisclosed token acquisitions.
Simultaneously, suspicious activity reports (SARs) connected to Republican digital fundraising platform WinRed, Elon Musk’s super PAC—which contributed $250 million to Trump’s election campaign—and two additional PACs are being requested.
This initiative has been launched as the most recent Democrat-driven action targeting Trump’s cryptocurrency ventures.
According to a May 9 report by Bloomberg, a letter was reportedly sent by a group of Democratic senators to officials at the U.S. Department of Justice and the Treasury Department, voicing concerns over Trump’s connections to the crypto exchange Binance and potential conflicts of interest in overseeing the industry.
On May 6, a coordinated effort was initiated by U.S. Democratic lawmakers, involving two legislative proposals and a subcommittee investigation, aimed at scrutinizing Trump’s capacity to financially benefit from his cryptocurrency ventures.
