As part of the latest investigation into the president’s digital venture, US Democrats have written to the US Treasury Department demanding access to suspicious activity reports (SARs) for several Trump-backed crypto projects.
A May 14 letter written by President Gerald Connolly, Joseph Morell and Jamie Ruskin asks the Treasury Secretary about all SARS submitted since 2023 and all SARS submitted in connection with the World Liberty Financial (WLF) and official Trump (Trump) tokens.
If US financial institutions detect suspicious activity, such as potential money laundering or fraud, they must submit their SAR to the Financial Crime Enforcement Network, the branch of a department within the Treasury Department.
The cleaned investigation has been mentioned by May 30th SARS, America PAC, Elon Musk, PAC, Trump, PAC, Trump, World Liberty Financial, WLF, Trump, Melania, Justin San.
Democrats say their investigation is to “determine whether laws are necessary to prevent campaign finance, consumer protection, bribery, securities fraud and other violations of anti-corruption laws,” and to prevent “monetary misconduct in relation to future federal civil servants or current federal employees.”
Democrats argue that WLF and Trump Coin could be misused
As part of the letter, lawmakers argue that the WLF could be misused as a “means for foreign influence.” This is because they offer some of the token sales for foreign investors “are generally less affected by stricter regulations than US investors.”
Justin Sun’s investment in WLF and the subsequent suspension of the SEC lawsuit that Crypto entrepreneurs allegedly violated the securities laws, have also been flagged as concern.
The Trump token was fired in the same way. Because lawmakers claim that the identity of coin buyers is not public, buying coins can open the door for bad actors to “have a crush on Trump.”
At the same time, the SARS related to Republican digital funding wins, Elon Musk’s Super PAC has poured $250 million into Trump’s campaign, with two other PACs being called for.
Related: The social denial of the truth owned by Trump denies it launches Memocoin
The initiative is the latest Democratic-led salvo against Trump’s crypto venture.
A group of Democrats reportedly sent letters to leaders of the U.S. Department of Justice and Treasury, according to a May 9 report by Bloomberg.
Also, US Democrats launched a multi-angle attack on May 6, targeting Trump’s ability to benefit from his crypto initiative in two bills and a subcommittee investigation.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
