Top House Democrats Demand Treasury Release Reports on Trump Crypto Ventures

Three top-ranking House Democrats are calling on the U.S. Treasury to turn over all Suspicious Activity Reports (SARs) tied to Donald Trump's crypto ventures

Three top-ranking House Democrats are demanding that the U.S. Treasury Department turn over all Suspicious Activity Reports (SARs) related to Donald Trump’s crypto ventures, Elon Musk’s America PAC, and the Republican fundraising platform WinRed.

In a joint letter to Treasury Secretary Scott Bessent, Reps. Gerald Connolly, D-Va., ranking member of the House Oversight Committee; Joe Morelle, D-N.Y., ranking member of the House Administration Committee; and Jamie Raskin, D-Md., ranking member of the House Judiciary Committee, requested comprehensive financial disclosures as part of an overarching investigation into alleged campaign finance abuses and illicit influence efforts.

The lawmakers are specifically interested in uncovering activity tied to several entities:

WinRed, which has faced past legal scrutiny for allegedly engaging in deceptive practices such as enrolling elderly donors in recurring contributions to Trump’s campaign without their clear consent and using misleading marketing materials to pressure donors into making excessive contributions.

America PAC, which has reportedly spent around $250 million supporting Trump’s return to office. Musk’s close political and financial ties to the administration have come under scrutiny, especially after Trump hosted a Tesla display on the White House lawn and Commerce Secretary Howard Lutnick publicly endorsed Tesla stock during a House hearing despite legal obligations to disclose financial conflicts of interest.

Scam PACs, such as “Patriots for American Leadership” and “Campaign for a Conservative Majority,” which allegedly used robocalls to siphon funds from donors by displaying Trump’s image and voice clips to create the false impression of his endorsement. The funds were reportedly used for personal enrichment rather than to support Trump’s campaign.

World Liberty Financial (WLF), the Trump family’s crypto startup, which launched in late 2024 offering non-transferable governance tokens with no ownership rights or intrinsic value. While the venture reportedly struggled to meet its initial fundraising goals, it was salvaged by a $75 million investment from Justin Sun, a Chinese-born crypto entrepreneur who was facing scrutiny from the U.S. Securities and Exchange Commission (SEC). Just weeks after Sun’s investment in WLF, the SEC paused its planned enforcement action against him.

$TRUMP memecoin, which was launched shortly before Trump’s inauguration in January 2025. Trump-linked entities reportedly hold around 80% of the coin’s 1 billion supply and have already earned an estimated $100 million in trading fees from selling the memecoin. However, the SEC recently ruled that memecoins do not fall under federal securities regulations, raising concerns over transparency and potential foreign influence in crypto ventures related to Trump and his family members.

"The Committees are interested in learning more about any suspicious financial activity, foreign involvement in political campaigns, and efforts to circumvent campaign finance or consumer protection laws," the Democratic lawmakers wrote in their letter to Treasury Secretary Bessent.

They highlighted the importance of disclosing any reports highlighting potential campaign finance or consumer protection law violations, fraudulent fundraising schemes, or foreign-backed digital asset ventures.

"We are also concerned about reports of fraudulent fundraising schemes designed to exploit and deceive donors, and of foreign entities using cryptocurrency to interfere in U.S. elections and exert political influence," the lawmakers stated in their letter.

This investigation, which comes amid increasing scrutiny of cryptocurrency, campaign finance, and foreign interference in U.S. elections, could have significant implications for the 2026 midterms.

As the 2026 midterms approach, this investigation could shed light on the legal and ethical gray areas exploited by political and financial actors operating in the emerging crypto landscape. It remains to be seen what new legislation, if any, will be required to safeguard voters and ensure transparency in campaign fundraising in the age of decentralized finance and memecoins.