Lawmakers Seek Suspicious Activity Reports on WLF, TRUMP Token, and Justin Sun Amid Growing Probe
A group of Democratic lawmakers has requested the U.S. Treasury Department to provide suspicious activity reports (SARs) tied to Donald Trump’s crypto ventures, including the World Liberty Financial (WLF) platform and the TRUMP and MELANIA tokens.
In a letter dated May 14 and addressed to Treasury Secretary Scott Bessent, Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin called for SARs filed since 2023 that reference a wide range of individuals and entities, including Trump, WLF, Justin Sun, Elon Musk, PACs, and WinRed, the Republican fundraising platform.
“This effort seeks to determine whether legislation is necessary to prevent violations of campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption laws,” the letter stated.
NEW TODAY: Oversight Dems, @HouseJudiciary, and @HouseAdm_Dems are demanding the Treasury Dept turn over Suspicious Activity Reports on these organizations to investigate election fraud & corruption.
Democrats are fighting to protect the integrity of our govt and our elections. pic.twitter.com/H84miZjBbL
— Oversight Committee Democrats (@OversightDems) May 14, 2025
The lawmakers set a deadline of May 30 for Treasury to respond.
SARs: A Tool to Track Financial Misconduct
Under U.S. law, financial institutions are required to file Suspicious Activity Reports (SARs) with the Financial Crimes Enforcement Network (FinCEN) when they detect potential fraud, money laundering, or other suspicious financial behavior.
The lawmakers are particularly focused on:
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The use of World Liberty Financial as a possible conduit for foreign influence, especially given that part of its token sale was directed at non-U.S. investors
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The anonymous nature of TRUMP token purchases, which could allow bad actors to “curry favor with Trump”
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The involvement of crypto entrepreneur Justin Sun, who invested in WLF and saw his SEC lawsuit paused, raising questions about preferential treatment
Widening Democratic Scrutiny of Trump’s Crypto Ties
This request marks the latest in a series of Democrat-led investigations into former President Donald Trump’s growing involvement in digital assets:
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On May 6, House Democrats launched a subcommittee inquiry and introduced two bills to block current or future U.S. presidents from personally profiting from cryptocurrencies.
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A May 9 Bloomberg report revealed that Senate Democrats asked the Department of Justice and Treasury to investigate Trump’s ties to crypto exchange Binance.
Democrats are also questioning the role of Elon Musk’s super PAC, which allegedly donated $250 million to support Trump’s campaign, and whether crypto fundraising tools like WinRed comply with existing campaign finance laws.
Final Thoughts: Crypto Becomes a Flashpoint in U.S. Political Battle
As Trump continues to lean into crypto-backed political fundraising and token-based initiatives, Democratic lawmakers are ramping up their efforts to expose potential legal and ethical violations.
With World Liberty Financial, TRUMP tokens, and related PACs now under scrutiny, the intersection of crypto, politics, and campaign finance is quickly becoming one of the most contentious issues heading into the 2026 midterms.
The outcome of these investigations could have wide-reaching implications for how digital assets are used in U.S. elections — and whether new laws will emerge to close potential loopholes in crypto-based political fundraising.
