Dems seek suspicious activity reports linked to Trump crypto ventures

US Democrat lawmakers have despatched a letter to the US Treasury demanding entry to suspicious exercise stories (SARs) on a number of Trump-backed crypto tasks as a part of the newest probe into the president’s digital ventures. 

Penned by representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin, the Could 14 letter asks Treasury Secretary Scott Bessent for all SARS filed since 2023 associated to World Liberty Financial (WLF) and the Official Trump (TRUMP) token. 

Monetary establishments within the US must file SARs with the Monetary Crimes Enforcement Community, a bureau throughout the Division of the Treasury, after they detect suspicious exercise, together with potential cash laundering or fraud. 

The sweeping probe asks for any SARs mentioning WinRed, America PAC, Elon Musk, political motion committee, PAC, Trump, World Liberty Monetary, WLF, TRUMP, MELANIA and Justin Solar, no later than Could 30. 

The Democratic lawmakers say their probe is to “decide whether or not laws is important to forestall violations of marketing campaign finance, shopper safety, bribery, securities fraud, and different anti-corruption legal guidelines” and to protect in opposition to “monetary misconduct related to potential or present federal officers.” 

Democrats argue WLF and Trump coin might be misused

As a part of the letter, the lawmakers argue WLF might be misused as a “automobile for international affect peddling” as a result of it served a part of its token sale for international buyers, who’re “typically topic to much less stringent regulation than US buyers.” 

Justin Solar’s investment in WLF and the next pause of the SEC’s lawsuit that alleged the crypto entrepreneur broke securities legal guidelines has additionally been flagged as a priority.