House Dems Raise National Security Alarms Over Trump Family’s Crypto Bank Charter Request
Forty-one House Democrats have urged Treasury Secretary Scott Bessent to scrutinize the potential approval of a national trust bank charter for the Trump family’s crypto company, World Liberty Financial. Citing recent reports that a UAE royal, who later obtained a major AI chips deal with the White House, bought nearly half of World Liberty’s equity, lawmakers warn that granting the charter could jeopardize banking system legitimacy and independence from foreign influence. The charter, if approved by the OCC, would allow World Liberty to streamline stablecoin transactions in the U.S. The lawmakers requested detailed explanations of safeguards preventing foreign governments from leveraging the bank-chartering process and clarification of any White House involvement in OCC decisions. Bessent previously testified that the OCC operates independently from the Treasury. The letter, signed by both cryptocurrency critics and supporters in the House, comes after World Liberty hosted a high-profile event at Mar-a-Lago attended by Trump family members, industry CEOs, and rapper Nicki Minaj. Lawmakers requested a response from Bessent within a week.
