Lawmakers Demand Treasury Disclose Trump Crypto Activity

Democratic lawmakers in the U.S. have intensified their scrutiny of Donald Trump’s connections to the crypto industry. They have formally requested the Treasury Department to disclose any suspicious activity reports (SARs) related to his digital ventures, citing concerns over potential fraud, bribery, and market manipulation.

In a letter dated May 14, Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin specifically asked for access to SARs filed since 2023 concerning World Liberty Financial and the Official Trump token. The letter expressed worries about the misuse of politically oriented fundraising ventures for illegal purposes, highlighting World Liberty Financial and the President’s Solana-based memecoin as areas of particular concern. Allegations include bribery, influence-peddling, market manipulation, and deceptive practices targeting vulnerable Americans.

World Liberty Financial’s WLFI token initially struggled to raise funds but later received a boost from Justin Sun, a prominent crypto figure under SEC scrutiny. Sun’s involvement has raised further concerns among lawmakers. The letter also flagged Trump and Melania-branded meme tokens, noting that the lack of disclosure on coin purchasers could allow bad actors, including authoritarian governments, to enrich the Trump family.

Concerns over Trump’s crypto ventures have been ongoing. Previously, his Solana-based memecoin ecosystem triggered backlash from lawmakers, with Senators Elizabeth Warren and Adam Schiff calling for an ethics investigation into a controversial gala dinner linked to token holders. Though organizers now distance the event from the White House, questions persist about foreign influence and political favoritism. Allegations of a “pay-to-play” model and hints of market manipulation continue to cloud the initiative, further intensified by the SEC’s cautious stance on enforcement.

Democratic lawmakers defended their probe as an effort to assess whether new legislation is needed to prevent violations. These include campaign finance breaches, consumer protection failures, bribery, securities fraud, and other corruption-related offenses. With concerns mounting in Washington, scrutiny of Trump’s crypto dealings is unlikely to fade anytime soon.