Three senior members of the Democratic Party in the U.S. House of Representatives have just sent a letter requesting the Treasury Department to provide suspicious activity reports (SARs) related to cryptocurrency activities involving President Donald Trump and his family. The goal is to investigate potentially violating behaviors such as election fraud, corruption, abuse of political donations, and foreign interference.
The two main subjects explicitly named in the letter are:
World Liberty Financial (a DeFi platform on Ethereum, issuing the WLFI token),
And the meme coin $TRUMP issued on the Solana blockchain – which has been directly promoted multiple times on social media by President Trump.
Notably, World Liberty Financial previously failed in its initial token sale but was later unexpectedly pumped with millions of USD from Justin Sun, the founder of Tron – who has been under investigation by the SEC since 2023.
Main concerns of Democratic Congress members:
Lack of transparency regarding the identity of coin buyers allows hostile forces or authoritarian governments to use tokens to enrich the Trump family or manipulate American politics.
Risks from behaviors such as bribery, market manipulation, defrauding vulnerable citizens, and even threatening national security.
Some pro-Trump political PACs, such as the America PAC backed by Elon Musk, have also been placed on the list for clarification.
SARs reports are required to include all transactions related to Trump, his family, #WorldLibertyFinancial , WLFI token, TRUMP meme coin, and MELANIA meme coin from January 1, 2023, to the present, with a deadline for submission of May 30, 2025.
Tensions between #TRUMP and the Democrats regarding crypto are escalating
Not limited to financial investigations, previously:
At the end of April, Senator Elizabeth Warren and Adam Schiff proposed an ethics investigation related to the fundraising gala that Trump hosted for those holding the most TRUMP meme coins.
In early May, Democratic Congress members even walked out during a hearing on digital assets to protest President Trump's growing closeness to the crypto industry.
Contact with the crypto market:
The investigation into meme coin projects associated with political factors like the TRUMP token may create short-term concerns in the community, especially on the Solana blockchain – which is currently leading the meme coin wave. However, if the investigations remain purely political accusations, the long-term impact may be limited.
🔔 Risk warning: Investing in cryptocurrency carries many risks and may be affected by legal or political factors. Investors need to closely monitor related developments and make cautious decisions.