A group of 41 House Democrats, led by Representative Gregory Meeks (D-NY), has formally urged Treasury Secretary Scott Bessent to investigate the Office of the Comptroller of the Currency’s (OCC) review of World Liberty Financial’s application for a national trust bank charter.
The letter follows reports that a United Arab Emirates royal invested $500 million into the Trump-linked venture, raising concerns about foreign influence and regulatory independence.
Foreign Investment Raises National Security Concerns
Lawmakers pointed to reports that Sheikh Tahnoon bin Zayed Al Nahyan acquired nearly half of World Liberty Financial through the $500 million investment. According to the letter, roughly $187 million of that amount reportedly flowed to Trump-affiliated entities.
Representative Meeks said the arrangement carries “serious national security implications,” arguing that foreign actors could gain leverage within the U.S. financial system if oversight safeguards are insufficient.
Questions Over Regulatory Independence
Democrats are seeking clarity on whether the OCC’s chartering process is insulated from political or geopolitical pressure, particularly given the applicant’s reported ties to President Trump.
The lawmakers also referenced warnings from the Bank Policy Institute, which cautioned that digital-asset trust structures lacking tested liquidity frameworks could amplify systemic risk if approved prematurely.
The letter asks Secretary Bessent to provide:
- Details on the role the White House or Treasury plays in the OCC’s evaluation process
- An explanation of safeguards preventing politically connected investors from influencing the financial system
- A formal review of the company’s structure and its foreign investment ties
The group includes both crypto skeptics, such as Elizabeth Warren, and crypto advocates, including Ritchie Torres.
Response Deadline Set
The lawmakers requested a response from Secretary Bessent by February 26, 2026.
Earlier this month, Bessent testified before the House Financial Services Committee and maintained that the OCC operates independently from the Treasury Department. He declined to answer specific questions regarding the World Liberty Financial application, which lawmakers said left key issues unresolved.
The latest letter signals growing scrutiny over crypto-related charter applications that intersect with political affiliations and foreign capital.
