Treasury’s Bessent Faces New Demands Over OCC Review of Donald Trump Crypto Firm

TLDR

• House Democrats asked Treasury Secretary Scott Bessent to explain safeguards that protect the OCC’s chartering process from outside influence.
• Lawmakers requested documentation on any involvement by the White House in the OCC review of World Liberty Financial.
• The inquiry focused on concerns over political ties linked to former President Donald Trump.
• Lawmakers cited reports of foreign investment in the company and said the issue requires increased scrutiny.
• The request followed prior questioning of Bessent about potential conflicts connected to Trump-affiliated crypto ventures.

House Democrats advanced new pressure on Treasury Secretary Scott Bessent as they sought clarity on the OCC’s review of a national trust bank charter tied to a President Donald Trump-affiliated crypto venture, and they moved to secure answers on safeguards around foreign influence, and they pressed for documentation on any White House involvement.

Lawmakers Seek Clarity on Charter Safeguards

Democratic lawmakers asked Treasury to explain protections that keep the OCC’s chartering work free from outside influence, and they stressed the urgency of transparent oversight. They said the process must remain independent because it affects broad federal supervision.

They referenced concerns about political pressure because the company is linked to former President Donald Trump, and they raised questions about possible foreign ownership. They urged Treasury to confirm who engaged with the OCC during the review.

Rep. Gregory Meeks led the letter and requested details on internal controls within the department, and he emphasized the need for clear boundaries. He stated the “process must stay insulated from political or foreign interests.”

He asked Bessent to describe what information Treasury receives from the OCC, and he requested records of any meetings tied to the review. He said the public needs clarity on the charter process.

World Liberty Financial Review Draws New Attention

Lawmakers referenced reports describing foreign investment stakes in World Liberty Financial, and they said those reports require fast scrutiny. They argued that a national trust bank charter would expand its reach across states.

They pressed for confirmation on whether Treasury discussed the application with the White House, and they also requested documentation showing how conflicts are handled. They insisted the public must understand any involvement beyond the OCC.

The lawmakers reminded Bessent that the OCC usually manages charter reviews on its own, and they emphasized that this independence must stay intact. They asked for written assurances that this process remains unchanged.

They cited prior comments from Bessent, who said Treasury cannot “bail out bitcoin,” and they noted his claim that some matters fall outside the agency’s authority. They asked him to restate those boundaries in writing.

Foreign Investment Concerns Expand Scrutiny

Democratic lawmakers pointed to the reported 49% UAE stake in the company, and they highlighted new calls for a national security review. They referenced inquiries from Sens. Warren and Kim.

They also noted that Rep. Ro Khanna opened a separate House probe into the $500 million investment, and they said these steps reflect growing concern. They pointed to Wall Street Journal reporting that first detailed the stake.

They added that Trump has said he knew about the deal, and they argued this comment raised further questions. They said Treasury must provide clarity on all related communications.