U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing about the annual report of the Financial Stability Oversight Council, on Capitol Hill in Washington, D.C., U.S., February 4, 2026.
Kylie Cooper | Reuters
Dozens of House Democrats wrote to Treasury Secretary Scott Bessent on Thursday calling for an investigation into possible conflicts of interest and national security concerns related to World Liberty Financial, the Trump family’s cryptocurrency venture.
The letter, led by Rep. Gregory Meeks, D-N.Y. and 40 other lawmakers, landed after Bessent testified at a contentious House Financial Services Committee hearing earlier this month. Meeks at the hearing called Bessent a “flunky” of President Donald Trump and raised questions about a $500 million stake that Sheikh Tahnoon bin Zayed Al Nahyan — a royal from the United Arab Emirates also known as the “spy sheikh” — bought in World Liberty Financial last year.
“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,” Meeks said in a statement accompanying the letter. “Trust that the record will reflect whether Secretary Bessent chooses to answer to the American people, or his mob boss.”
The request for a probe was made as World Liberty Financial is seeking a national bank charter, a distinction reviewed and issued by the Office of the Comptroller of the Currency, an independent arm of the Treasury Department that regulates banks.
World Liberty Financial held a day-long forum Wednesday at Mar-a-Lago where presidential sons Don Jr. and Eric Trump touted the family’s stablecoin and called traditional banking a “Ponzi scheme.”
Meeks at the hearing asked Bessent to commit to pause any pending applications from World Liberty Financial before the OCC and to complete an investigation into the “conflicts of interest and foreign influence.”
“The OCC is an independent entity,” Bessent said then, over the shouts of Meeks, without addressing the topic further.
President Donald Trump and his special envoy, Steve Witkoff, are co-founders emeritus of the company, which is run by members of the Trump and Witkoff families.
“This is no longer just a debate about crypto chartering theory. It is about foreign ownership, national security, regulatory integrity, and whether our bank-chartering process is resilient to political and geopolitical pressure,” the lawmakers wrote Thursday.
In the letter, Democratic members asked for information on the safeguards in place to ensure that “foreign government officials, sovereign proxies, or politically connected investors cannot use the bank-chartering process to gain leverage over the U.S. financial system or access sensitive financial or technological infrastructure.”
It also asks what role the White House, Office and Management and Budget and Treasury have in “reviewing, approving, or otherwise influencing national bank or trust chartering decisions made by the” OCC. It lawmakers requested a response from Treasury by Feb. 26.
A Treasury Department spokesperson did not immediately respond to an email seeking comment.
“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,” the lawmakers wrote. “Our constituents need confidence that our banking system is governed by law, not proximity to power; by prudential judgment, not political convenience.”
