A group of high-ranking House Democrats is ramping up scrutiny of Donald Trump’s growing involvement in the cryptocurrency space, formally requesting that the U.S. Treasury Department release all suspicious activity reports (SARs) related to his digital asset ventures. The move signals escalating concerns in Washington over the potential political and financial implications of Trump-linked crypto fundraising operations.
In a letter sent Wednesday to Treasury Secretary Scott Bessent, Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin urged the department to disclose SARs covering ventures such as the Solana-based TRUMP meme coin and World Liberty Financial, a decentralized finance platform tied to the former president. The lawmakers are seeking records from January 2023 to the present, citing possible election law violations, corruption risks, and avenues for foreign actors to exert influence.
The letter described these ventures as part of a broader ecosystem of politically aligned fundraising vehicles that may exploit the opacity of crypto to bypass traditional campaign finance safeguards. Specific attention was given to World Liberty Financial and the TRUMP meme coin, both flagged as high-risk entities that could enable bribery, market manipulation, or predatory schemes aimed at vulnerable populations.
Adding further weight to their request, the lawmakers also referenced affiliated political action committees, including America PAC, reportedly linked to Trump ally Elon Musk, suggesting a coordinated network of influence that blends digital assets with political finance. The call for Treasury oversight reflects mounting anxiety within the Democratic ranks about crypto’s growing role in political campaigning—especially ahead of the 2024 election cycle.
Lawmakers Cite Justin Sun’s Role in Token Sale
The most extensive portion of the Democrats’ Treasury request zeroes in on World Liberty Financial, a decentralized finance venture linked to the Trump family that recently conducted a controversial token sale. According to the letter, the WLFI token offering initially struggled to attract investor interest—until a sudden influx of funding reportedly came from none other than Tron founder Justin Sun.
Sun, who has been embroiled in legal disputes with the U.S. Securities and Exchange Commission since 2023, appears to have made multi-million-dollar token purchases that helped the WLFI sale reach its fundraising goal. While his case with the SEC is currently paused amid discussions of a possible settlement, his financial ties to a Trump-associated crypto project have raised red flags among lawmakers.
The letter also highlights other digital assets tied to the Trump brand, including the TRUMP and MELANIA meme coins. The former president has publicly promoted the TRUMP token on social media several times, fueling concerns about the use of political influence to drive speculative investment.
“Because the identities of the coin purchasers need not be publicly disclosed, there is no way to tell who is buying the coin, potentially allowing bad actors, including authoritarian governments and companies they control, to enrich the Trump family,” it reads.
House Democrats are asking the Treasury to provide all related suspicious activity reports by May 30, covering any transactions linked to World Liberty Financial or the Trump family’s crypto ventures dating back to January 1, 2023. The WLFI token launched in October 2024, while the TRUMP meme coin went live in January 2025. The timeline and scope of these activities—combined with foreign capital inflows and unresolved legal matters—have added urgency to the lawmakers’ call for transparency.
Crypto Fundraisers and Political Access Draw Fire
Mounting concerns over President Trump’s deepening ties to the crypto world have triggered waves of political backlash across party lines, with Democrats warning of blurred lines between personal gain and public office. The scrutiny intensified last month following revelations that Trump’s upcoming private gala dinner offered access exclusively to top holders of his Solana-based meme coin—a move that has drawn ethical criticism from both chambers of Congress.
In late April, Senators Elizabeth Warren and Adam Schiff formally requested an ethics investigation into the event, arguing that tying crypto investment to high-level political access could constitute a conflict of interest. Critics say the blending of campaign fundraising with digital asset promotion sets a dangerous precedent for how future political figures might exploit emerging technologies for personal enrichment.
The outrage has already spilled into legislative action. Earlier this month, House Democrats staged a walkout during a congressional hearing on digital assets, citing Trump’s increasing alignment with crypto interests as a key reason for their protest.
“Enriching himself and his family, coaxing investors by bringing them to the White House. It’s just too much,” said Rep. Maxine Waters, ranking member of the House Financial Services Committee, in a pointed rebuke of the president’s conduct.
Quick Facts
- House Democrats have requested the Treasury release all SARs related to Trump-linked crypto ventures, including World Liberty Financial and the Solana-based TRUMP meme coin.
- Lawmakers are concerned that these projects could enable election law violations, foreign influence, and financial misconduct through opaque blockchain transactions.
- Tron founder Justin Sun allegedly played a key role in financing the WLFI token sale, despite facing SEC litigation, prompting further scrutiny.
- Trump’s private gala reportedly offers access to top TRUMP coin holders, raising ethical alarms about the intersection of digital assets and political fundraising.
