Leading Democrats Seek Treasury Insights on Trump’s Cryptocurrency Transactions, Pointing to ‘Bribery’ Concerns
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Top House Democrats sent a letter to the U.S. Treasury Department Wednesday, requesting its money laundering watchdog to provide all suspicious activity reports (SARs) connected to President Donald Trump’s cryptocurrency ventures.
In a letter directed to Treasury Secretary Scott Bessent, Reps. Gerald Connolly (D-Va.), Joe Morelle (D-N.Y.), and Jamie Raskin (D-Md.) — the ranking members of the House Oversight, Administrative, and Judiciary committees — called for an urgent investigation into Trump’s blockchain project, World Liberty Financial, and the $TRUMP memecoin, citing potential violations of campaign finance laws, bribery statutes, and securities regulations.
“The Committees seek to determine whether legislation is necessary to prevent violations of campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption laws related to fundraising by candidates for federal office and federal officeholders. This aims to guard against deceptive and predatory campaign fundraising practices, illicit foreign influence over federal officials, and other financial misconduct connected to prospective or current federal officials,” the leading Democrats on the committees stated in a press release shared with Hotnchill.
This request signifies a rise in congressional scrutiny concerning whether President Trump and his associates are misusing their positions of power to benefit their cryptocurrency businesses. Senate Democrats pointed to Trump’s crypto activities last week as part of their rationale for withholding support for stablecoin legislation that had previously received bipartisan backing.
The inquiry focuses not only on the Trump family’s September 2024 launch of World Liberty Financial and the $TRUMP memecoin, introduced just days before his inauguration, but also on Elon Musk’s America PAC and whether they are leveraging Trump’s name to solicit donations under false pretenses.
