House Democrats Warn of ‘Shocking’ Corruption, Demand Trump Crypto SARs by May 30

Three key Democratic members of the House of Representatives are urging U.S. Treasury Secretary Scott Bessent to unseal suspicious activity reports (SARs) into “politically oriented” ventures potentially affiliated with current U.S. President Donald Trump, as revealed in a May 14 letter.

House Dems Demand SARs

Written by Representatives Joseph Morelle, Jamie Raskin, and Gerald Connolly, Wednesday’s letter requested documents related to Trump-affiliated crypto platform World Liberty Financial and Trump-branded meme coins, $TRUMP and $MELANIA.

The Congressmen also requested SARs related to Republican fundraising platform WinRed and a handful of political action committees (PAC), including Elon Musk’s super PAC, America PAC, over concerns of “potential bribery, influence-peddling, threats to national security, market manipulation, and/or predatory and deceptive practices targeting vulnerable Americans.”

NEW TODAY: Oversight Dems, @HouseJudiciary, and @HouseAdm_Dems are demanding the Treasury Dept turn over Suspicious Activity Reports on these organizations to investigate election fraud & corruption.

Democrats are fighting to protect the integrity of our govt and our elections. pic.twitter.com/H84miZjBbL

— Oversight Committee Democrats (@OversightDems) May 14, 2025

The coalition of Democratic lawmakers focused on accessing materials tied to Trump’s crypto ventures, which they called an “unprecedented” and “shocking” form of corruption.

“Because the identities of the coin purchasers need not be publicly disclosed, there is no way to tell who is buying the coin, potentially allowing bad actors, including authoritarian governments and companies they control, to enrich the Trump family,” the House members said of $TRUMP.

The letter specifically requests that the SARs include information starting from January 1, 2023, and be provided by May 30.

Trump’s Crypto Connections Under Scrutiny

Trump’s ties to crypto have been a major source of partisan divide in recent weeks, with Democratic Senators Elizabeth Warren and Adam Schiff calling on Jamieson Greer, the acting director of the U.S. Office of Government Ethics, to launch an “urgent inquiry” into U.S. President Donald Trump’s gala dinner for top investors in his meme coin, $TRUMP, last month.

“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” the senators said in the April 25 letter.

Trump has yet to comment publicly on the Democratic representatives’ requests.