{"id":129271,"date":"2025-05-15T02:19:00","date_gmt":"2025-05-15T02:19:00","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129271"},"modified":"2025-05-15T02:19:00","modified_gmt":"2025-05-15T02:19:00","slug":"dems-seek-suspicious-activity-reports-linked-to-trump-crypto-ventures","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129271","title":{"rendered":"Dems seek suspicious activity reports linked to Trump crypto ventures"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsUS Democrat lawmakers have sent a letter to the US Treasury demanding access to suspicious activity reports (SARs) on several Trump-backed crypto projects as part of the latest probe into the president\u2019s digital ventures.\u00a0<br \/>\nPenned by representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin, the May 14 letter asks Treasury Secretary Scott Bessent for all SARS filed since 2023 related to World Liberty Financial (WLF) and the Official Trump (TRUMP) token.\u00a0<br \/>\nFinancial institutions in the US must file SARs with the Financial Crimes Enforcement Network, a bureau within the Department of the Treasury, when they detect suspicious activity, including potential money laundering or fraud.\u00a0<br \/>\nSource: Oversight Committee DemocratsThe sweeping probe asks for any SARs mentioning WinRed, America PAC, Elon Musk, political action committee, PAC, Trump, World Liberty Financial, WLF, TRUMP, MELANIA and Justin Sun, no later than May 30.\u00a0<br \/>\nThe Democratic lawmakers say their probe is to \u201cdetermine whether legislation is necessary to prevent violations of campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption laws\u201d and to guard against \u201cfinancial misconduct connected to prospective or current federal officials.\u201d\u00a0<br \/>\nDemocrats argue WLF and Trump coin could be misused<br \/>\nAs part of the letter, the lawmakers argue WLF could be misused as a \u201cvehicle for foreign influence peddling\u201d because it served part of its token sale for foreign investors, who are \u201cgenerally subject to less stringent regulation than US investors.\u201d\u00a0<br \/>\nJustin Sun\u2019s investment in WLF and the subsequent pause of the SEC\u2019s lawsuit that alleged the crypto entrepreneur broke securities laws has also been flagged as a concern.\u00a0<br \/>\nTrump\u2019s token has come under fire as well because the lawmakers argue in their letter that the identities of the coin purchasers are not publicly disclosed, which could open the door for bad actors to \u201ccurry favor with Trump\u201d by purchasing the coin.\u00a0<br \/>\nAt the same time, SARS related to Republican digital fundraising WinRed,\u00a0Elon Musk\u2019s super PAC, which poured $250 million into Trump\u2019s election campaign, and two other PACs are being sought.\u00a0<br \/>\nRelated: Trump-owned Truth Social denies it is launching a memecoin<br \/>\nThis effort is the latest Democrat-led salvo against Trump\u2019s crypto ventures.\u00a0\u00a0<br \/>\nA group of Democratic senators reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about Trump\u2019s ties to crypto exchange Binance and potential conflicts of interest in regulating the industry, according to a May 9 Bloomberg report.\u00a0<br \/>\nUS Democratic lawmakers also launched a multi-angle attack on May 6, targeting Trump\u2019s ability to profit from his crypto initiatives with two bills and a subcommittee inquiry.\u00a0<br \/>\nMagazine: Trump\u2019s crypto ventures raise conflict of interest, insider trading questions<a href=\"https:\/\/cointelegraph.com\/news\/democrats-demand-us-treasury-reports-trump-crypto-ventures?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsUS Democrat lawmakers have sent a letter to the US Treasury demanding access to suspicious activity reports (SARs) on several Trump-backed crypto projects as part of the latest&hellip; 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