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The Democratic Party requests Trump's cryptocurrency report.
On May 15, according to sources, Democratic members of the U.S. House of Representatives officially requested the Department of Treasury to submit a report on the suspicious financial activities of the cryptocurrency project World Liberty Financial (WLF) associated with the Trump family and related Meme coins. The investigation focuses on: the relationship of Justin Sun's 75 million USD investment, the founder of Tron, into WLF and the Securities and Exchange Commission (SEC) suspending litigation.
The issue revolves around the compliance of using WLF's USD1 stablecoin in a $2 billion transaction on Binance, as well as the potential to transfer benefits to the Trump Meme coin Holders invited to the president's dinner. The investigation is also related to the political action committee supported by Elon Musk and the Republican Party's fundraising platform, WinRed.
Democratic Congressman Ritchie Torres has proposed a law to prohibit the president and members of Congress from profiting from Memecoin. Senator Elizabeth Warren and others have called for an examination of Trump’s relationship with Binance. To date, the Department of the Treasury has yet to respond officially.
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