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Democratic legislators launched a new probe in the growing involvement of former President Donald Trump in Kryptovia and demanded detailed financial reports from the US treasury related to his digital businesses.
In a letter dated 14th May Representatives of Gerald Connolly, Joseph Morelle and Jamie Raskin asked the Minister of Finance Scott Bessnt to issue all reports of suspicious activity (SARS) since 2023 concerning several trump-constructed entities.
These include the World Liberty Financial (WLF) and the official Token Trump (Trump), both central for the recent trump invasion of digital assets.
INSIDE SARS: How Fincen follows the financial crime
Reports of suspicious activities are submitted to the network for recovery of financial crimes (Fincen), where financial institutions detect potentially illegal activities such as money laundering or fraud.
The legislators also asked SARS that they were mentioned by Wingred, America Pac, Elon Musk, Pacs in general, Melania, Justin Sun and several other characters and organizations. They set a deadline for 30 May to answer the Ministry of Finance.
The aim, as the legislators said, is to assess whether new legislation is required to prevent possible violations of campaign financing, securities, bribery and anti -corruption laws.
“We must protect against financial misconduct associated with current or future federal officials,” he reads the letter.
The key problem is that the World Liberty Financial may have allowed foreign influence.
The sale of Token allegedly included offers to international investors claiming the Democrats, they are subject to a looser regulatory supervision than their American counterparts.
The involvement of the Crypto entrepreneur Justin Sun – who invested in WLF and recently saw the Sec opposed him, he gained more red flags.
The Trump coin is also under control. The legislators have pointed out that buyers’ identity is not publicly published and creates a potential path for unpublished influence or protectionism against the former president through the purchase of tokens.
This is the latest of a number of democratic efforts to explore Trump’s ligaments to the crypto sector.
At the beginning of this month, senators called on the Ministry of Justice and Treasury to explore the ties between Trump and Binance.
On 6 May, the House Democrats introduced two accounts and launched an investigation into the subcommittee on whether Trump could personally benefit from these digital businesses in the campaign for re -election.
The Democrats of the Senate focuses on the Trump family in a new bill prohibiting the emissions of crypto officials
Last week Democrats of the Senate introduced new legislation aimed at limiting the financial profits of a federal official, including former President Donald Trump and his family, through cryptocurrency businesses.
This step comes in the middle of a growing control in the projects of digital assets of Trump, including the MEME coin, which highlighted significant public attention.
The proposed legislation entitled The Act on Modern Enforcement and the Act on Recognition of Law (MEME) was revealed on 6 May by Senator Chris Murphy.
The bill seeks to prevent the President, Vice President, Congress member, higher executive officials, as well as their spouses and children, when issuing, sponsoring or promoting digital assets, including securities, commodities and futures.
Contribution Democrats require records of the Treasury of the Crypto projects associated with Trump He appeared for the first time Cryptonews.
