Democrats press US Treasury for data on Trump-linked crypto assets

• Trump may be involved in suspicious cryptocurrencies
• Democrats investigate memecoin linked to former president
• Justin Sun cited for Trump's crypto investment

US House Democrats have stepped up pressure on the Treasury Department by requesting access to all suspicious activity reports (SARs) linked to cryptocurrency ventures associated with former President Donald Trump.

The request was made in a letter addressed to Secretary Scott Bessent, demanding specific information about World Liberty Financial (WLF), a company linked to the Trump family, as well as the memecoins promoted under its brand. order It also covers the activities of the WinRed platform and a political committee linked to Elon Musk that supports the former president.

In the letter, the lawmakers express concern about possible cases of “bribery, corruption, and conflicts of interest,” citing as an example the recent financial movement of businessman Justin Sun, who reportedly invested $75 million in WLF tokens. “In January, Mr. Sun purchased $45 million in WLF tokens, bringing his total investment in the venture to $75 million,” the Democrats highlighted. Shortly after this acquisition, the SEC asked the court to stay an enforcement action against Sun, which raised even more suspicions about the interests behind the investments.

Trump’s foray into cryptocurrency, especially with his political and promotional use of memecoins, has been the subject of constant criticism. Last week, Rep. Ritchie Torres proposed a bill that would prohibit presidents, members of Congress and future chief executives from profiting from stablecoins or memecoins.

In addition, senators such as Elizabeth Warren have demanded explanations about Trump's possible connection to Binance, the largest cryptocurrency exchange on the planet. The relationship became more controversial with the announcement that MGX, an Abu Dhabi company, would use WLF's USD1 stablecoin in a $2 billion deal with Binance itself.

Another point that caught attention was the promise of access to a dinner with Trump for selected holders of the memecoin, raising questions about the use of crypto assets as a currency of political influence. So far, there is no clarity on how Bessent and the Treasury will respond to the congressmen's request.