Democrats Call for Treasury Department Investigation into Trump’s Cryptocurrency Plan, Targeting Sun Yuchen and Binance

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Democrats stated in a press release:
“We request your department to provide all suspicious activity reports related to the recent cryptocurrency initiative launched by the Trump family—World Liberty Financial (WLF), as well as the Trump brand meme coin, to the relevant committees of Congress.”
This request is part of a broader investigation by the Democrats, which also targets the political action committee (PAC) closely associated with Elon Musk and the Republican fundraising platform WinRed. The Democrats pointed out that this investigation is based on serious concerns regarding “bribery, corruption, and conflicts of interest.”

Sun Yuchen and Binance Named
The letter also specifically named WLFI’s main financial backer—cryptocurrency entrepreneur Sun Yuchen—and questioned the motives behind his substantial investments.
“In January of this year, Sun Yuchen purchased $45 million worth of WLFI tokens, bringing his total investment in the project to $75 million. Subsequently, the U.S. Securities and Exchange Commission (SEC) applied to the court to suspend enforcement actions against Sun Yuchen.”
Furthermore, the Democrats questioned the potential connections between Trump and Binance, the world’s largest cryptocurrency exchange. This arose after Abu Dhabi’s investment firm MGX announced it would use the USD1 stablecoin issued by WLF to facilitate a $2 billion equity transaction involving Binance, an event that has attracted significant external scrutiny and questions.

Trump’s Involvement in Cryptocurrency Activities Under Scrutiny for Profit Motives
Trump has been actively engaged in cryptocurrency-related activities recently, drawing strong criticism from political opponents who believe he is profiting from the industry. Recently, it was announced that investors holding a large amount of TRUMP meme coins could be invited to a private dinner with Trump, escalating the controversy further. Last week, New York State Democratic Congressman Ritchie Torres proposed legislative measures to prohibit the sitting president, future presidents, and members of Congress from profiting from meme coins and stablecoins.
It remains unclear how Scott Bessent, the Treasury Secretary appointed by Trump and seen as friendly toward cryptocurrency, and his team will respond to this request amid rising political pressure.