House Democrats Demand Crypto Reports on Trump's Ventures

Top House Democrats have escalated their scrutiny of Donald Trump's cryptocurrency ventures by demanding that the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) hand over all suspicious activity reports (SARs) related to Trump's crypto activities. The letter, sent to Treasury Secretary Scott Bessent, was authored by Reps. Gerald Connolly, Joe Morelle, and Jamie Raskin, who are the ranking members of the House Oversight, Administrative, and Judiciary committees, respectively.

The Democrats' request comes amid growing concerns over potential violations of campaign finance laws, bribery statutes, and securities regulations. The letter specifically mentions Trump's blockchain project, World Liberty Financial, and the $TRUMP memecoin, which was launched just days before his inauguration. The lawmakers are seeking to determine whether additional legislation is necessary to prevent such violations and to safeguard against deceptive and predatory campaign fundraising practices, illicit foreign influence, and other financial misconduct connected to federal officials.

The inquiry also extends to Elon Musk's America PAC and whether it is using Trump's name to solicit donations under false pretenses. This move marks a significant escalation in congressional scrutiny of Trump's crypto ventures, which have been a point of contention among lawmakers. Senate Democrats had previously cited Trump's crypto activities as a reason for not advancing stablecoin legislation that had previously seen bipartisan support.

The Democrats' letter underscores the increasing scrutiny that cryptocurrency ventures are facing from regulatory bodies and lawmakers. The potential for abuse of power and the risks of financial misconduct in the crypto space have become a focal point for legislators, who are seeking to ensure that these activities are conducted in a transparent and lawful manner. The request for SARs from FinCEN is a critical step in this process, as it will provide lawmakers with the information they need to conduct a thorough investigation into Trump's crypto activities and to determine whether additional regulatory measures are necessary.