House Democrats Urge Treasury Probe Into Trump Family’s Crypto Venture
CNBC reported Thursday {that a} group of House Democrats are urgent the Treasury Department to look at potential conflicts of curiosity and nationwide safety dangers tied to World Liberty Financial (WLFI), the crypto enterprise related to the Trump household.
Security Concerns Over Trump-Linked Crypto Venture
In a letter despatched Thursday to Treasury Secretary Scott Bessent, greater than 40 Democratic lawmakers, led by Representative Gregory Meeks of New York, known as for a proper evaluation of the corporate’s construction and overseas funding ties.
The letter follows a tense House Financial Services Committee listening to earlier this month, throughout which Bessent testified earlier than lawmakers. At that listening to, Meeks sharply criticized the Treasury secretary, referring to him as a “flunky” of President Trump.
He additionally raised issues a few $500 million funding in World Liberty Financial made final 12 months by Sheikh Tahnoon bin Zayed Al Nahyan, a member of the United Arab Emirates’ royal household who has typically been known as the “spy sheikh.”
In a press release accompanying the letter, Meeks mentioned the half‑billion‑greenback deal involving an Emirati royal presents each monetary and national security concerns.
“The Trump household’s $500 million deal related to the Emirati royal household shouldn’t be solely a matter of nationwide monetary instability, nevertheless it additionally carries critical nationwide safety implications,” he mentioned.
Treasury Asked To Clarify White House Role
The lawmakers’ request comes as World Liberty Financial is pursuing a national bank charter. Democrats are searching for assurances that the chartering course of stays insulated from political or overseas affect.
As such, they argued that the matter extends past a technical debate over crypto regulation. “This is not only a debate about crypto chartering idea,” they wrote.
“It is about overseas possession, nationwide safety, regulatory integrity, and whether or not our financial institution‑chartering course of is resilient to political and geopolitical stress.”
The group requested Treasury officers to element what safeguards are in place to stop overseas governments, their proxies, or politically related buyers from utilizing the nationwide financial institution chartering course of to realize leverage inside the US financial system or entry delicate monetary and technological infrastructure.
They additionally sought clarification on the position, if any, performed by the White House, the Office of Management and Budget, and the Treasury Department in reviewing or influencing constitution choices made by the OCC. The lawmakers requested a response from the Treasury Department by Feb. 26.
In closing, they emphasised the broader implications for public belief. “The credibility of America’s banking regulatory framework, and of the establishments charged with defending it, depends upon transparency, independence, and a demonstrated willingness to withstand undue affect,” they wrote.
As of this writing, World Liberty Financial’s native crypto, WLFI, is buying and selling at $0.1168, marking a 3% decline over the previous 24 hours. However, based on CoinGecko knowledge, the cryptocurrency has elevated by practically 10% previously seven days.
Featured picture from OpenArt, chart from TradingView.com
