House Democrats demand Treasury probe into Trump crypto venture

House Democrats have urged the Treasury Department to investigate potential conflicts of interest and national security risks associated with World Liberty Financial (WLFI), a crypto venture linked to the Trump family.

Key Points

• Over 40 Democratic lawmakers, led by Rep. Gregory Meeks, sent a letter to Treasury Secretary Scott Bessent seeking a review of WLFI's structure and foreign investment links.
• Concerns were raised about a $500 million investment by Sheikh Tahnoon bin Zayed Al Nahyan from the UAE, citing financial and national security implications.
• The inquiry is tied to WLFI's pursuit of a national bank charter, with Democrats stressing the need for protection against political and foreign influence in the chartering process.
• Lawmakers requested details on safeguards against foreign influence in the US financial system and asked for clarification on the White House's role in charter decisions.
• World Liberty Financial’s native crypto, WLFI, is trading at $0.1168, down 3% in 24 hours but up nearly 10% over the past week.