Democratic legislators have launched a new investigation into the growing participation of former President Donald Trump in the cryptography industry, asking for detailed financial reports from the US Treasury linked to his digital companies.
In a letter dated May 14, representatives Gerald Connolly, Joseph Morelle and Jamie Raskin asked the Treasury Secretary Scott Bessent to publish all suspicious activity reports (SRAS) tabled since 2023 concerning several entities related to Trump.
These include World Liberty Financial (WLF) and Trump’s official token (Trump), both at the heart of Trump’s recent foray into digital assets.
Inside Sras: How Fincen follows financial crime
Suspicious activity reports are submitted to the financial crimes, the Network (Fincen) when financial institutions detect potentially illicit activities, such as money laundering or fraud.
The legislators also asked the Sras mentioning Winred, America Pac, Elon Musk, PACS in general, Melania, Justin Sun and several other characters and organizations. They established a deadline of May 30 for the Treasury to answer.
The objective, said legislators, is to assess whether new legislation is necessary to prevent potential violations of the laws on the financing of the campaign, titles, corruption and the fight against corruption.
“We must protect ourselves against financial misconduct linked to current or potential federal officials,” said the letter.
A key concern is that World Liberty Financial may have allowed a foreign influence.
The sale of tokens would have included offers to international investors, which, according to democrats, are subject to more cowardly regulatory monitoring than their American counterparts.
In addition, the involvement of the Crypto Justin Sun – entrepreneur who invested in the WLF and recently saw the dry break from his trial against him – has increased other red flags.
The Trump room is also under control. The legislators have stressed that the identities of buyers are not publicly disclosed, creating a potential avenue for an unhappy influence or favoritism towards the former president through token purchases.
This is the last of a series of democratic efforts to examine Trump’s ties with the cryptography sector.
Earlier this month, the senators called on the Ministry of Justice and the Treasury to investigate the links between Trump and Binance.
On May 6, the Democrats of the Chamber presented two bills and opened a subcommittee of subcommittee to find out if Trump could personally take advantage of these digital companies while campaigning for re-election.
The Senate Democrats target the Trump family in the new bill prohibiting the show of cryptography by civil servants
Last week, the Democrats of the Senate presented new legislation aimed at reducing financial gains by a federal official, in particular former President Donald Trump and his family, through Cryptocurrency Ventures.
This decision comes in the middle of an in -depth examination on digital asset projects related to Trump, including a piece of memes that has attracted significant public attention.
The proposed legislation, entitled The Modern Emolments and Malefeance Enforcement (even) Act, was revealed on May 6 by Senator Chris Murphy.
The bill aims to prohibit the president, the vice-president, the members of the congress, the senior officials, as well as their spouses and children, the publication, the sponsorship or the promotion of digital assets, including titles, basic products and future.
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