A coalition of 41 House Democrats, led by Representative Gregory Meeks (D-NY), has formally requested Treasury Secretary Scott Bessent to investigate the Office of the Comptroller of the Currency's (OCC) review of World Liberty Financial's application for a national trust bank charter. The letter, dated February 2026, cites serious concerns over foreign influence, national security, and regulatory independence.
The core issue revolves around a reported $500 million investment from Sheikh Tahnoon bin Zayed Al Nahyan of the United Arab Emirates, which gave the royal a nearly 49% stake in the crypto venture. Lawmakers highlighted that approximately $187 million of that investment reportedly flowed to entities affiliated with former President Donald Trump. Representative Meeks stated this arrangement carries "serious national security implications," warning that foreign actors could gain undue leverage within the U.S. financial system if oversight is insufficient.
The Democrats are seeking clarity on whether the OCC's chartering process remains insulated from political or geopolitical pressure, given the applicant's ties to Trump. The letter references warnings from the Bank Policy Institute that digital-asset trust structures lacking proven liquidity frameworks could amplify systemic risk if approved prematurely. Specific requests to Secretary Bessent include details on any White House or Treasury involvement in the OCC's evaluation, an explanation of safeguards against influence from politically connected investors, and a formal review of the company's structure and foreign investment ties.
The signatories include both crypto-skeptical figures like Senator Elizabeth Warren and crypto advocates such as Representative Ritchie Torres. The lawmakers have set a response deadline of February 26, 2026. This formal request escalates previous scrutiny, following earlier congressional hearings where Bessent testified that the OCC operates independently from Treasury and declined to answer specific questions about the World Liberty Financial application.
World Liberty Financial is a crypto venture seeking a federal trust bank charter, which would allow it to issue stablecoins and provide custody services under federal supervision. The inquiry signals growing political and regulatory scrutiny over crypto-related financial charters that intersect with high-profile political affiliations and foreign capital.
