House Democrats demand Treasury probe into Trump-linked crypto firm, citing national security risks More than 40 House Democrats have asked the Treasury Department to investigate possible conflicts of interest and national security implications tied to World Liberty Financial (WLFI), the crypto venture associated with the Trump family, CNBC reported Thursday. In a letter to Treasury Secretary Scott Bessent, led by Representative Gregory Meeks (D-N.Y.), lawmakers called for a formal review of WLFI’s corporate structure and its foreign investment connections. The request follows a tense House Financial Services Committee hearing earlier this month in which Meeks criticized Bessent’s handling of related issues and called him a “flunky” of President Trump. A central concern for the Democrats is a $500 million investment made last year in WLFI by Sheikh Tahnoon bin Zayed Al Nahyan, a United Arab Emirates royal who has sometimes been labeled the “spy sheikh.” In a statement accompanying the letter Meeks warned the deal “is not only a matter of national financial instability, but it also carries serious national security implications.” The push comes as WLFI seeks a national bank charter, raising questions about whether the chartering process could be exposed to political or foreign influence. “This is no longer just a debate about crypto chartering theory,” the lawmakers wrote. “It is about foreign ownership, national security, regulatory integrity, and whether our bank‑chartering process is resilient to political and geopolitical pressure.” The Democrats asked Treasury to spell out what safeguards are in place to prevent foreign governments, proxies, or politically connected investors from using the national bank-chartering process to gain leverage in the U.S. financial system or access sensitive financial and technological infrastructure. They also requested clarity on whether — and to what extent — the White House, the Office of Management and Budget, or Treasury officials have reviewed or influenced Office of the Comptroller of the Currency (OCC) charter decisions. The group asked for a response by Feb. 26. The letter framed the issue as one of 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,” the lawmakers wrote. On markets, WLFI’s native token was trading around $0.1168 at the time of the report, down roughly 3% over 24 hours but up nearly 10% over the past week, according to CoinGecko. Read more AI-generated news on: undefined/news