U.S. Treasury Secretary Scott Bessent is being asked by several Democratic lawmakers to investigate possible problems linked to World Liberty Financial (WLFI), a cryptocurrency business connected to the Trump family.
Media reports highlight that the lawmakers are worried there could be conflicts of interest, meaning political decisions might benefit private business, and also potential national security risks.
The request came in a letter led by Representative Gregory Meeks and signed by about 40 lawmakers after a tense congressional hearing earlier this month.
During the hearing, Meeks questioned a $500 million investment made in the crypto venture by Sheikh Tahnoon bin Zayed Al Nahyan, a powerful member of the United Arab Emirates’ royal family.
Lawmakers say such a large foreign investment in a politically connected company could raise concerns about financial influence and U.S. national security, and they want the Treasury Department to look into the matter.
World Liberty Financial faces scrutiny over bank license bid
Democratic lawmakers are calling for an investigation as World Liberty Financial, a cryptocurrency company linked to the Trump family, is applying for a national bank charter, a license that would allow it to operate more like a regulated bank.
This approval is handled by the Office of the Comptroller of the Currency (OCC), an independent regulator under the U.S. Treasury Department.
The concern grew after the company hosted an event at Mar-a-Lago where Donald Trump Jr. and Eric Trump promoted their stablecoin and criticized traditional banks.
What are Democrats seeking?
During a congressional hearing, Representative Gregory Meeks asked Treasury Secretary Scott Bessent to pause any applications from the company until potential conflicts of interest and foreign influence risks are investigated.
Bessent responded that the OCC operates independently and did not comment further.
Lawmakers say the issue goes beyond crypto regulation and raises questions about foreign investments, national security, and political influence over banking approvals.
They are seeking details on safeguards to prevent politically connected or foreign investors from gaining undue access to the U.S. financial system.