American Democratic legislators have sent a letter to the US Treasury requiring access to suspicious activity reports (SRAS) on several Crypto projects supported by Trump in the last survey of the president’s digital companies.
Written by representatives Gerald Connolly, Joseph Morelle and Jamie Raskin, the letter of May 14 asks the secretary of the Treasury Scott Bessent for all the SRAs deposited since 2023 linked to World Liberty Financial (WLF) and the Official Trump token (Trump).
In the United States, financial institutions must deposit the SRAS with the financial crimes Network, an office of the Treasury Department, when they detect suspicious activity, including money laundering or fraud.
The Balayage Investigation requests everything Sras mentioning Winred, America Pac, Elon Musk, Political Action Committee, PAC, Trump, World Liberty Financial, WLF, Trump, Melania and Justin Sun, at the latest on May 30.
Democratic legislators say their investigation is to “determine whether legislation is necessary to prevent violations of campaigns, consumer protection, corruption, securities fraud and other anti-corruption laws” and to protect themselves against “a financial fault linked to potential or current federal officials”.
Democrats argue that WLF and Trump Coin could be poorly used
As part of the letter, legislators argue that the WLF could be used inadvertently as a “vehicle for hawking foreign influence” because it served part of its sale of token for foreign investors, which are “generally subject to less strict regulations than American investors”.
Justin Sun’s investment in the WLF and the subsequent break of the SEC trial which allegedly alleged that the crypto entrepreneur has broken the securities laws was also reported.
The Trump token was also criticized because the legislators support in their letter that the identities of the buyers of parts are not publicly disclosed, which could open the door to the bad actors for “favorable curry with Trump” by buying the room.
At the same time, the SRAS linked to the collection of republican digital funds has won, the Super CAP of Elon Musk, which paid $ 250 million to Trump’s election campaign, and two other CAPs are sought.
In relation: Social, belonging to Trump, denies that he is launching a same
This effort is the last salvo led by Democrats against Crypto companies in Trump.
A group of Democratic senators is said to have sent a letter to the Directorate to the United States Department of Justice and to the Treasury Department expressing concerns about Trump’s ties to the crypto exchange binance and potential interest conflicts for industry regulation, according to a Bloomberg report on May 9.
US Democratic legislators also launched a multi-angle attack on May 6, targeting Trump’s ability to take advantage of his crypto initiatives with two bills and a sub-comity survey.
Review: Trump crypto companies raise conflicts of interest, initiate negotiation issues
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