Democrats demand treasury reports on Trump crypto, Musk PAC

Top House Democrats are pressing the Treasury Department to release all suspicious activity reports related to Donald Trump’s crypto ventures, Elon Musk’s America PAC, the GOP fundraising platform WinRed, and several alleged scam PACs. 

The May 14 letter, signed by Reps. Gerald Connolly, Joe Morelle, and Jamie Raskin, cites possible campaign finance violations, foreign influence, securities fraud, and deceptive fundraising targeting vulnerable Americans.

The lawmakers are particularly focused on Trump’s crypto company, World Liberty Financial, which launched in late 2024. 

WLF’s non-transferable tokens, critics say, offer no real value and have drawn scrutiny for receiving $75 million in funding from Justin Sun, a Chinese-born entrepreneur facing SEC charges at the time. 

Shortly after Sun’s investment, the SEC paused its case. WLF has since announced the USD1 stablecoin, tied to a $2 billion deal involving a UAE-backed fund and Binance.

$TRUMP memecoin

The investigation also targets the $TRUMP (TRUMP) memecoin, launched just before Trump’s inauguration. Entities linked 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 risks of undisclosed foreign actors influencing Trump through crypto.

Musk’s America PAC is also under scrutiny for allegedly leveraging financial backing to gain Trump’s political favor, including turning the White House South Lawn into a Tesla showroom. 

Meanwhile, WinRed and two scam PACs are being investigated for deceptive practices, including tricking elderly donors and using Trump’s voice in robocalls to raise funds.

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