The Top Chamber Democrats have launched an investigation into the cryptocus of the cryptocurrencies of President Donald Trump, citing concerns about the collection of potentially illegal funds, the foreign influence and the abuse of political power.
In line with this, they have requested all the reports of suspicious activities (SAR) related to Trump’s fundraising efforts.
The accusations
In letter To the Secretary of the Treasury, Scott Besent, the Democrats Gerald Connolly, Joseph Morelle and Jamie Raskin, members of the three committees of the House of Representatives.
“We write about the potential misuse of certain politically oriented funds collection companies for fraudulent, corrupt or other illegal purposes.”
The investigation is directed to the republican fundraising platform Winred, multiple political action committees, including Pac America of Elon Musk, the World Liberty Financial Family (WLF) of the Trump family and the coins of memes linked to the president and the first lady.
Legislators were specifically interested in the sale of WLFI tokens of world freedom. After not meeting the initial fundraising objectives, WLF received a purchase of $ 75 million of Justin Sun. The founder of Tron has been under scrutiny of the SEC since 2023, but recently assured a pause in the case as the discussions with the regulators continued, which increases the suspicions of bribery.
The Chamber Democrats also mentioned the Trump and Melania Memes coins. According to them, the entities affiliated with the president control 80% of the first offer and have earned more than $ 100 million in commercial rates.
It is also said that foreigners, some allegedly Chinese nationals, obtained substantial profits that sell the token of Meme Early, while subsequent investors lost more than $ 2 billion. These patterns have accusations fed from possible privileged information and pumping and diver activity.
The letter also addresses concerns about national security and foreign influence, given that currency buyers remain in anonymity and most WLF tokens were sold to foreign investors. Connolly and Company argued that this left room for non -native to possibly win influence on American politics.
In March 2025, WLF announced plans to launch a stablecoin called USD1. Later, a fund backed by Abu Dhabi revealed that it would use the stablcoin for an investment of $ 2 billion in the Binance Crypto Exchange, which was previously convicted of violating US anti-monement laws.
The letter emphasizes that the moment and nature of this agreement show the dangers of Trump’s conflicts of interests and the ethics of the business mixture and presidential power.
Trump faces continuous scrutiny
The three legislators require that all relevant SARs since January 1, 2023 are available for their committees before May 30. Your application occurs amid a greater pressure from Democrats who seek to regulate political participation in cryptography.
Last week, the representative Ritchie Torres presented a bill to prohibit the presidents and members of the Congress of benefiting memes and stable currencies. In April, Senators Elizabeth Warren and Adam Schiff also requested an ethic investigation after a gala dinner housed in Trump promised exclusive invitations for the main headlines of their Meme currency based in Solana.
Separately, Congress rejected Genius law, a bill that aims to regulate the stable, citing unresolved conflicts linked to Trump’s cryptographic treatment.
Free Binance $ 600 (Cryptopotato Exclusive): Use this link to record a new account and receive an exclusive welcome offer of $ 600 in Binance (Complete details).
Limited offer for Cryptopotate readers at Bybit: Use this link to register and open a free $ 500 position in any currency!
