The Trump Crypto Scandal: Democrats Push for Investigation on Scam PACs and Memecoins

by

Well, the House Democrats are at it again, this time with a demand that the Treasury Department cough up every suspicious activity report they have related to Donald Trump’s little crypto adventure, Elon Musk’s America PAC, the notorious WinRed fundraising platform, and a handful of scam PACs that smell worse than a rotting fish. 🐟

On May 14, Reps. Gerald Connolly, Joe Morelle, and Jamie Raskin sent off a fiery letter, rattling off accusations about campaign finance violations, foreign influence, securities fraud, and deceptive fundraising tactics aimed at poor, unsuspecting Americans. Because, let’s face it, nothing says ‘good governance’ like using vulnerable people’s money for your own gain. 🙄

Now, let’s talk about Trump’s crypto baby—World Liberty Financial. Launched in late 2024, the company has been under scrutiny for its non-transferable tokens, which critics say are about as valuable as a gold-plated rock. Not to mention, it got a generous $75 million investment from Justin Sun, the Chinese-born entrepreneur currently dodging the SEC’s spotlight. 🍿

And guess what? Just after Sun’s big money splash, the SEC conveniently paused its case. But don’t worry, World Liberty Financial had more tricks up its sleeve. Enter the USD1 stablecoin, connected to a cool $2 billion deal with a UAE-backed fund and Binance. As you do. 💸

$TRUMP memecoin

But wait, it gets juicier. The investigation isn’t just eyeing Trump’s crypto company—it’s also looking into the $TRUMP memecoin. Launched right before Trump’s inauguration, this little coin has a whopping 80% of its supply locked up by Trump-linked entities. And guess what? Those entities have made a neat $100 million in trading fees. Talk about a coin that goes straight to the moon… or, at least, to the Trump bank account. 🚀💰

Here’s the kicker—there are no public records of who’s buying these coins, and since the SEC doesn’t even care about meme coins (apparently), Democrats are worried that foreign players could be using crypto to get Trump’s attention. You know, for good old-fashioned political influence. Just what we need. 😏

Meanwhile, Musk’s America PAC is under the microscope for allegedly using big-money backing to get Trump’s political favor, including turning the White House South Lawn into what might as well have been a Tesla showroom. I mean, why not? That’s totally normal, right? 😆

And let’s not forget WinRed, along with a couple of scam PACs, which are being investigated for using trickery to fleece elderly donors. Oh, and Trump’s voice in robocalls to wrangle up cash. Because, you know, it’s all about the hustle.

In the end, the lawmakers say this whole mess will help decide whether new laws are needed to prevent fraud and keep elections a little more honest. But, let’s be real, what’s the fun in that? 🙃

Read More

2025-05-14 22:41