• House Democrats press Treasury on World Liberty bank charter and UAE stake House Democrats are pressing Treasury Secretary Scott Bessent over World Liberty Financial’s push for a national trust bank charter, citing systemic risk. • Cointelegraph in your social feed Democrats in the US House of Representatives are pressing Treasury Secretary Scott Bessent over how regulators are handling World Liberty Financial’s bid for a national trust bank charter to issue a dollar-backed token. • In aletteron Thursday, 41 House Financial Services Committee Democrats led by Representative Gregory Meeks cited systemic risk, foreign ownership and potential political pressure on the bank chartering process. • They asked Bessent to explain what safeguards exist to prevent foreign government officials or politically connected investors from using the charter process to gain leverage over the US financial system. • The lawmakers pointed to reporting that a senior royal from the United Arab Emirates quietly acquired almosthalf of World Liberty Financial for about $500 million, including a reported $187 million flowing to Trump-affiliated entities, while the company pursued a national trust bank charter with the Office of the Comptroller of the Currency (OCC). • They argued that the combination of digital asset trust structures, untested liquidity and resolution frameworks and foreign political interests raised questions that regulators “cannot afford to sidestep.” Related:White House floats limited stablecoin rewards in third crypto, bank meeting Democrats also questioned whether Executive Order 14215, which they say pulled traditionally independent financial regulators into closer White House oversight, could compromise the OCC’s autonomy in deciding on World Liberty’s application.
Article Summaries:
- House Democrats have urged Treasury Secretary Scott Bessent to clarify how regulators are handling World Liberty Financial’s bid for a national trust bank charter that would allow it to issue a dollar‑backed token. In a letter signed by 41 members of the House Financial Services Committee, lawmakers cited systemic risk, foreign ownership and potential political influence, noting that a senior UAE royal reportedly acquired nearly 50 % of World Liberty for $500 million, with $187 million flowing to Trump‑affiliated entities. The Democrats question whether Executive Order 14215 could compromise the Office of the Comptroller of the Currency’s independence and ask Bessent to explain the Treasury’s role in the charter decision.
- House Democrats have urged Treasury Secretary Janet Bessent to explain the Office of the Comptroller of the Currency’s (OCC) review of World Liberty Financial’s trust‑bank charter, a firm tied to former President Donald Trump. The inquiry follows a broader Democratic push to scrutinize Trump‑linked cryptocurrency ventures and the regulatory handling of World Liberty Financial. Lawmakers seek clarity on the OCC’s findings, the bank’s compliance with U.S. banking rules, and whether any policy gaps could expose the Treasury to political or financial risk. The review underscores growing congressional pressure on the Treasury to address potential conflicts of interest in Trump‑affiliated crypto activities.
Sources:
- https://cointelegraph.com/news/democrats-press-treasury-on-trump-world-liberty-financial?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
- https://www.theblock.co/post/390625/house-democrats-press-treasury-sec-bessent-over-occ-review-of-trump-linked-world-liberty-financials-trust-bank-charter?utm_source=rss&utm_medium=rss