CNBC reported Thursday that a group of House Democrats are pressing the Treasury Department to examine potential conflicts of interest and national security risks tied to World Liberty Financial (WLFI), the crypto venture associated with the Trump family.
Security Concerns Over Trump-Linked Crypto VentureThe letter follows a tense House Financial Services Committee hearing earlier this month, during which Bessent testified before lawmakers. At that hearing, Meeks sharply criticized the Treasury secretary, referring to him as a “flunky” of President Trump.
He also raised concerns about a $500 million investment in World Liberty Financial made last year by Sheikh Tahnoon bin Zayed Al Nahyan, a member of the United Arab Emirates’ royal family who has sometimes been referred to as the “spy sheikh.”
“The Trump family’s $500 million deal connected to the Emirati royal family is not only a matter of national financial instability, but it also carries serious national security implications,” he said.
Treasury Asked To Clarify White House RoleAs such, they argued that the matter extends beyond a technical debate over crypto regulation. “This is no longer just a debate about crypto chartering theory,” they wrote.
“It is about foreign ownership, national security, regulatory integrity, and whether our bank‑chartering process is resilient to political and geopolitical pressure.”
They also sought clarification on the role, if any, played by the White House, the Office of Management and Budget, and the Treasury Department in reviewing or influencing charter decisions made by the OCC. The lawmakers requested a response from the Treasury Department by Feb. 26.
In closing, they emphasized the broader implications for public trust. “The credibility of America’s banking regulatory framework, and of the institutions charged with protecting it, depends on transparency, independence, and a demonstrated willingness to resist undue influence,” they wrote.
As of this writing, World Liberty Financial’s native crypto, WLFI, is trading at $0.1168, marking a 3% decline over the past 24 hours. However, according to CoinGecko data, the cryptocurrency has increased by nearly 10% in the past seven days.
Featured image from OpenArt, chart from TradingView.com
