House Democrats on Wednesday requested that the U.S. Treasury Department provide details of any suspicious financial activity related to cryptocurrency projects backed by President Donald Trump.
In a letter to Treasury Secretary Scott Bessent, the Democrats asked the department to “make available to the Committees all suspicious activity reports (SARs) related to … the Trump family’s recently launched crypto venture World Liberty Financial (WLF) and Trump-branded meme coins,” according to a statement.
The request was part of a broader inquiry that also included the Elon Musk-aligned political action committee that supported Trump and the Republican fundraising platform WinRed. The Democrats cited concerns about “bribery, corruption, and conflicts of interest” as the basis for their request.
The Democrats also specifically singled out Justin Sun, who has been a big backer of World Liberty Financial.
“In January, Mr. Sun bought $45 million of WLF’s token, bringing his total investment in the venture to $75 million,” the letter said. “Shortly thereafter, SEC asked the court to pause its enforcement action against Mr. Sun.”
Trump’s increasing involvement in cryptocurrency has drawn considerable criticism from political opponents, who have accused the former president of using the sector for personal enrichment.
Last week, Rep. Ritchie Torres, D-N.Y., introduced legislation that would block President Trump, future presidents, and members of Congress from “profiteering” on memecoins and stablecoins. Senate Democrats, including Sen. Elizabeth Warren, have demanded information about President Trump’s ties to Binance, the world’s largest cryptocurrency exchange by trading volume.
The announcement that Abu Dhabi-based investment firm MGX would use World Liberty Financial’s USD1 stablecoin to help close a $2 billion deal with Binance has also been controversial. Top holders of Trump’s memecoin gaining access to a dinner with the president hasn’t helped matters.
Appointed by Trump and crypto-friendly, how Bessent and his team choose to respond is unknown.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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