PANews reported on May 15 that according to The Block, Democratic members of the U.S. House of Representatives formally requested the Treasury Department to submit a report on suspicious fund activities of the Trump family's crypto project World Liberty Financial (WLF) and its related Meme coins. The focus of the investigation includes: the relevance of Tron founder Justin Sun's $75 million investment in WLF and the SEC's suspension of litigation, the compliance of the use of WLF's stablecoin USD1 in Binance's $2 billion transaction, and the potential benefit transfer of Trump Meme coin holders invited to the presidential dinner. The investigation also involves the political action committee supported by Musk and the Republican fundraising platform WinRed.
Democratic Congressman Ritchie Torres proposed legislation last week to prohibit the president and members of Congress from profiting from Memecoin. Senator Elizabeth Warren and others have called for a review of Trump's relationship with Binance. The Treasury Department has not yet responded.
