US Democrats Demand Strict Oversight of Trump-Backed Crypto Venture World Liberty Financial

Political and Foreign Influence Questioned Democratic lawmakers have submitted a formal letter to Treasury Secretary Scott Bessent expressing concerns over World Liberty Financial (WLF), a cryptocurrency venture backed by Donald Trump, and its efforts to obtain a federal bank license.
The delegation, led by Gregory Meeks, a member of the House Foreign Affairs Committee, is questioning the independence of the process conducted by the Office of the Comptroller of the Currency (OCC).
Lawmakers are seeking clarification on whether the venture's close ties to Trump and allegations of foreign investment pose a national security risk.
Licensing Process and Security Debates World Liberty Financial aims to secure a national bank license to issue stablecoins and provide digital asset custody services.
If approved, the license would place the company under federal supervision and allow it to expand its services across state lines.
However, claims that 49% of the company is owned by United Arab Emirates (UAE)-based investors have drawn criticism from figures such as Senators Elizabeth Warren and Andy Kim.
Additionally, Representative Ro Khanna has been scrutinizing a $500 million investment made into the firm.
Increasing Pressure on the Treasury Department The letter demands answers regarding whether the White House or the Treasury Department has interfered in the OCC’s review process and how potential conflicts of interest are being managed.
While Treasury Secretary Scott Bessent has previously highlighted the limits of the department's regulatory authority, this move by Democrats elevates the issue to a formal level of documentation, increasing the pressure for oversight.