Democrats Urgently Seek Trump, Musk Crypto Secrets: What They Fear Inside?

democrats Seek Crypto Reports on Trump, Musk, and GOP platforms

Leading House Democrats are urging the Treasury department to disclose all suspicious activity reports linked to Donald Trump’s crypto ventures, Elon Musk’s America PAC, and the GOP fundraising platform WinRed. The May 14 letter, signed by Reps. Gerald Connolly, Joe Morelle, and Jamie Raskin, highlights potential campaign finance violations, foreign influence, and deceptive fundraising tactics.

Trump’s World Liberty Financial (WLF) is a key focus. Launched in late 2024, WLF’s non-transferable tokens are criticized for lacking real value. The company received $75 million from Justin Sun, a Chinese entrepreneur facing SEC charges. Shortly after Sun’s investment, the SEC paused its case.WLF later announced the USD1 stablecoin, linked to a $2 billion deal with a UAE-backed fund and Binance.

The $TRUMP memecoin, launched before Trump’s inauguration, is also under scrutiny. entities tied to Trump reportedly hold 80% of the token supply and have earned $100 million in trading fees. With no public records of coin buyers and the SEC ruling meme coins fall outside its jurisdiction, Democrats warn of undisclosed foreign influence.

Musk’s America PAC is investigated for allegedly using financial backing to gain Trump’s political favor. WinRed and two scam PACs are being probed for deceptive practices, including tricking elderly donors and using Trump’s voice in robocalls.

The lawmakers believe this probe will help determine if new legislation is needed to prevent fraud and preserve election integrity.