Trump linked crypto activity to come under Democrat Scrutiny

Alleging potential financial misconduct and foreign influence,the House of Democrats are reportedly calling on the U.S. Treasury Department for financial records tied to President Donald Trump’s recent growing footprint in the crypto space.

Three members representing the House, Gerald Connolly (D-Va.), Joseph Morelle (D-N.Y.), and Jamie Raskin (D-Md.) accordingly have formally requested Treasury Secretary Scott Bessent to provide all suspicious activity reports (SARs) filed since 2023 against crypto entities like World Liberty Financial (WLF) and the Official Trump Token (TRUMP). 

Further, they also broadened their inquiry to include SARs referencing WinRed, America PAC, Melania Trump, Elon Musk, Justin Sun, and other political action committees and public figures. The Treasury is expected to respond by May 30, 2025. 

Suspicious activity reports, (SARs) submitted by financial institutions to the Financial Crimes Enforcement Network (FinCEN), flag transactions that potentially involve illicit activities including money laundering, fraud, or foreign interference.

In the letter, the Democrats emphasized that the probe could inform future legislation targeting campaign finance abuses, securities violations, bribery, and corruption risks in the digital asset market.

They also went on to highlight that World Liberty Financial may have facilitated foreign influence, hinting at national security implications.

The Treasury Department has not yet commented on the request. 

Last week, Senate Democrats introduced new legislation aimed at curbing financial gains by federal officials, including former President Donald Trump and his family, through cryptocurrency ventures.

The move comes amid growing scrutiny over Trump-linked digital asset projects, including a meme coin that has drawn significant public attention.