Leading Democrats Request Treasury Details on Trump’s Cryptocurrency Transactions, Highlighting ‘Bribery’ Concerns

Top Democrats in the House issued a communication to the Treasury Department on Wednesday, requesting access to all suspicious activity reports (SARs) related to President Donald Trump’s cryptocurrency initiatives.

In a message directed to Treasury Secretary Scott Bessent, Representatives Gerald Connolly (D-Va.), Joe Morelle (D-N.Y.), and Jamie Raskin (D-Md.), who head the House Oversight, Administrative, and Judiciary committees, urged for a swift probe into Trump’s blockchain enterprise, World Liberty Financial, and the $TRUMP memecoin. They highlighted potential infractions of campaign finance rules, bribery laws, and securities regulations.

“The Committees aim to assess whether new laws are required to avert breaches concerning campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption statutes relevant to fundraising by federal candidates and officeholders. They also seek to prevent misleading and exploitative fundraising practices, foreign influence on federal officials, and financial misconduct linked to federal figures,” the leading committee Democrats stated in a press release.

This development signifies a heightened congressional focus on whether Trump and his associates are misusing their authority for personal gain in the crypto sector. Last week, Senate Democrats mentioned Trump’s cryptocurrency activities as a factor in their decision to halt progress on stablecoin legislation that had previously attracted bipartisan support.

The inquiry targets not only the Trump family’s forthcoming September 2024 launch of World Liberty Financial and the $TRUMP memecoin, which debuted shortly before his inauguration, but also Elon Musk’s America PAC and whether they are leveraging Trump’s name to gather funds under misleading pretenses.