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US Democrat lawmakers have sent a letter to the US Treasury demanding access to suspicious activity reports (SARs) on several Trump-backed crypto projects as part of the latest probe into the president’s digital ventures. Penned by representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin, the May 14 letter asks Treasury Secretary Scott Bessent for all SARS filed since 2023 related to World Liberty Financial (WLF) and the Official Trump (TRUMP) token. Financial institutions in the US must file SARs with the Financial Crimes Enforcement Network, a bureau within the Department of the Treasury, when they detect suspicious activity, including potential money laundering or fraud. Source: Oversight Committee DemocratsThe sweeping probe asks for any SARs mentioning WinRed, America PAC, Elon Musk, political action committee, PAC, Trump, World Liberty Financial, WLF, TRUMP, MELANIA and Justin Sun, no later than May 30. The Democratic lawmakers say their probe is to “determine whether legislation is necessary to prevent violations of campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption laws” and to guard against “financial misconduct connected to prospective or current federal officials.” Democrats argue WLF and Trump coin could be misusedAs part of the letter, the lawmakers argue WLF could be misused as a “vehicle for foreign influence peddling” because it served part of its token sale for foreign investors, who are “generally subject to less stringent regulation than US investors.” Justin Sun’s investment in WLF and the subsequent pause of the SEC’s lawsuit that alleged the crypto entrepreneur broke securities laws has also been flagged as a concern. Trump’s token has come under fire as well because the lawmakers argue in their letter that the identities of the coin purchasers are not publicly disclosed, which could open the door for bad actors to “curry favor with Trump” by purchasing the coin. At the same time, SARS related to Republican digital fundraising WinRed, Elon Musk’s super PAC, which poured $250 million into Trump’s election campaign, and two other PACs are being sought. Related: Trump-owned Truth Social denies it is launching a memecoinThis effort is the latest Democrat-led salvo against Trump’s crypto ventures.  A group of Democratic senators reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about Trump’s ties to crypto exchange Binance and potential conflicts of interest in regulating the industry, according to a May 9 Bloomberg report. US Democratic lawmakers also launched a multi-angle attack on May 6, targeting Trump’s ability to profit from his crypto initiatives with two bills and a subcommittee inquiry. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Adrienne Harris, the head of the New York State Department of Financial Services (NYDFS), said New York has an “outsized role to play” in the crypto ecosystem, particularly in shaping regulatory frameworks for digital assets. During a panel on May 14 at Consensus 2025 in Toronto, she said the NY estate is frequently asked to provide guidance on regulators. “With respect to federal regulation and legislation […] members of Congress are often coming to us [NYDFS] asking about our process, about our regulations, about guidance, how they should be thinking about legislation,” Harris said.Interview with Adrienne Harris (pictured left). Source: CointelegraphAccording to Harris, the NYDFS was “unnecessarily tough” and lacked resources in the past. Now, under her purview, she said the NYDFS is “tough but fair,” noting that the digital currency oversight team has since doubled in size.Harris took over as superintendent of the NYDFS in September 2021 after spending time working in the educational, nonprofit, and private sectors. In New York State, crypto businesses must either obtain a BitLicense or a limited-purpose trust charter.“We’ve added nine pieces of regulatory guidance, so it’s still very tough to get a BitLicense or a limited-purpose trust charter,” Harris said. “But I think […] the proof is in the pudding when you see that FTX, Voyager, Celsius, didn’t pass our test and therefore couldn’t do business.”All three of those crypto companies went bankrupt in 2022. The result was a widespread contagion in the industry and years-long legal proceedings. FTX’s founder, Sam Bankman-Fried, and Celsius Network’s Alex Mashinsky were sentenced to 25 and 12 years in prison, respectively. Voyager’s founder, Steven Ehrlich, is facing legal charges for allegedly misleading customers.Related: NYC Mayor doubles down on crypto push ahead of city summitHarris ‘hopeful’ for stablecoin legislationStablecoin legislation has been a topic at the forefront of many crypto industry advocates in 2025. Recently considered a bipartisan endeavor, it devolved into a dispute on May 8 when Democrats withdrew support for the GENIUS Act over concerns about President Trump’s crypto ventures.Still, Harris remains “hopeful” Congress will eventually pass stablecoin legislation. We’ve been working with Congress on all the variations of their crypto and stablecoin legislation now over the last three years almost.According to Harris, all recent legislation tied to stablecoin regulation has been reviewed by New York officials. “There isn’t a version of any of those bills, be it House or Senate, R’s or D’s, that don’t come to meet to the team to say, give us your feedback, give us your technical assistance, your insights here,” she said, adding that most of these suggestions have been incorporated into legislations.The NYDFS, according to Harrus, still wants to be “a state path for crypto companies.” Magazine: Bitcoin payments are being undermined by centralized stablecoins

Crypto founders are heading to Washington, DC, to meet with lawmakers ahead of another expected vote on a stablecoin bill that initially failed in the Senate, according to Coinbase CEO Brian Armstrong. In a May 14 X post from the US Capitol rotunda, Armstrong said as many as “60 [crypto] founders” had gathered in DC to support the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, being considered in the Senate and a draft of the market structure bill moving through the House of Representatives. The Coinbase CEO said the Senate could consider another vote on the GENIUS Act “hopefully tomorrow” after it failed to get enough support from Democrats on May 8.“Like any good negotiation, there’s a lot of details to work out at the last minute, but we’ve been stressing the urgency of this,” said Armstrong.Many Democratic lawmakers have said they will not support any crypto-related legislation without a specific carve-out for President Donald Trump profiting from his digital asset ventures, like his TRUMP memecoin and his family-backed company World Liberty Financial. Cointelegraph reached out to Coinbase for comment but had not received a response at the time of publication.Related: What are the next steps for the US stablecoin bill?This is a developing story, and further information will be added as it becomes available.