House Democrats have formally pressed Treasury Secretary Scott Bessent for answers about the Office of the Comptroller of the Currency’s review of World Liberty Financial’s application for a national trust bank charter, raising concerns about foreign ownership, national security, and regulatory independence.
In a letter on Thursday, Rep. Gregory Meeks, the ranking member of the House Foreign Affairs Committee, and other Democratic lawmakers asked Bessent to clarify what safeguards are in place to ensure the OCC’s chartering process is still insulated from political or foreign influence.
World Liberty Financial is a Trump-linked crypto venture seeking a federal trust bank charter to issue stablecoins and provide custody services.
The lawmakers pointed to World Liberty Financial’s ties to President Donald Trump and cited reports of foreign investment in the firm as factors warranting heightened scrutiny. They asked Treasury to detail the extent of any involvement by the White House or the department in the OCC’s review and to explain how potential conflicts of interest are being addressed.
A national trust bank charter, granted by the OCC, would place the company under federal supervision and potentially expand its ability to custody digital assets or provide related services across state lines. The chartering process is typically handled by the OCC, an independent bureau within Treasury.
Mounting pressure
The inquiry shifts the focus from public hearing exchanges to a formal, written request for documentation and clarification, placing Treasury under direct pressure to respond on the record.
The scrutiny also follows earlier questioning of Bessent on Capitol Hill over World Liberty Financial and broader concerns about potential conflicts tied to Trump-affiliated crypto ventures. In that exchange, Bessent said Treasury does not have the authority to “bail out bitcoin” and emphasized the department’s limited role in certain regulatory domains.
While this week’s letter represents a new escalation in the form of a documented request for answers, the underlying themes are familiar.
Indeed, the request follows a string of Democratic actions tied to the reported 49% UAE stake in World Liberty Financial. Sens. Warren and Kim have demanded a national security review, and Rep. Ro Khanna opened a separate House probe into the $500 million investment, first detailed by the Wall Street Journal.
President Trump has said he was aware of the supposed deal.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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