Top House Democrats have formally requested the U.S. Treasury Department to disclose all suspicious activity reports connected to former President Donald Trump’s cryptocurrency operations, including his company World Liberty Financial (WLF) and the $TRUMP memecoin. The May 14 letters, signed by Representatives Gerald Connolly, Joe Morelle, and Jamie Raskin, highlight concerns about possible campaign finance violations, foreign interference, bribery, securities fraud, and deceptive fundraising practices targeting vulnerable Americans.
World Liberty Financial, launched in late 2024, has attracted controversy for issuing non-transferable tokens criticized for lacking real value. The company reportedly received $75 million in funding from Justin Sun, a Chinese-born entrepreneur facing SEC charges, though the SEC subsequently paused the case after Sun’s involvement. WLF also announced a USD stablecoin tied to a $2 billion deal involving a UAE-backed fund and Binance.
The inquiry also focuses on the $TRUMP memecoin, launched shortly before Trump's 2025 inauguration, where Trump-linked entities reportedly hold 80% of the supply and have taken in $100 million in trading fees. Democrats warn of undisclosed foreign influence risks due to the absence of public buyer records and the SEC’s stance that memecoins fall outside its jurisdiction.
Separately, Elon Musk’s America PAC faces scrutiny for allegedly using political financial support to curry favor, including reportedly turning the White House South Lawn into a Tesla showroom. Meanwhile, the GOP fundraising platform WinRed and several scam PACs are under investigation for deceptive tactics such as exploiting elderly donors and using Trump’s voice in robocalls to solicit funds.
The lawmakers assert that the probe aims to assess whether new legislative measures are required to prevent fraud, protect consumer and election integrity, and to safeguard against illicit foreign influence in U.S. federal elections.