Banking and Finance Law Daily Wrap Up, OVERSIGHT AND INVESTIGATION—Representatives calls on Treasury to investigate Trump family deal with UAE-linked firm, (Feb 20, 2026)
Organizations Mentioned:Bank Policy Institute | Office of the Comptroller of the Currency | U.S. Department of the Treasury | World Liberty Financial
By Donielle Tigay Stutland, J.D.
A group of lawmakers sent a letter expressing concerns about World Liberty Financial’s application for a national trust bank charter.
U.S. Representative Gregory W. Meeks (D-NY) along with 40 other Democratic Members of Congress sent a letter to Secretary Scott Bessent of the U.S. Department of the Treasury, expressing concern regarding the Office of the Comptroller of the Currency’s review of a national trust bank charter application filed by World Liberty Financial, a cryptocurrency-related entity associated with the Trump family. The letter referenced a recent House Financial Services Committee hearing, during which Rep. Meeks pressed Treasury Secretary Bessent on reports that investors connected to the United Arab Emirates royals acquired a nearly $500 million stake in World Liberty Financial. On January 7, 2026, World Liberty Financial (WLF) filed a de novo application with the OCC for national trust bank charter in order to issue a dollar-backed token, manage reserve funds, and provide digital-asset custody and exchange services.
“Evading questions, dodging accountability, and shirking ethical responsibility is the Trump Administration’s bread and butter,” Rep. Meeks said. “The Trump family’s $500 million deal connected to the Emirati royal family is not only a matter of national financial instability, but it also carries serious national security implications. Trust that the record will reflect whether Secretary Bessent chooses to answer to the American people, or his mob boss.”
The letter stressed that an investigation from Wall Street Journal, indicated that “a senior royal from the United Arab Emirates quietly acquired nearly half of WLF for roughly $500 million, with approximately $187 million flowing to Trump-affiliated entities. This transaction reportedly occurred while the same foreign actors were seeking U.S. approval for access to advanced artificial intelligence technologies and cultivating influence with the incoming administration.
Citing the Bank Policy Institute and other independent experts, the lawmakers noted that experts have warned that digital-asset trust structures, particularly those lacking tested liquidity and resolution frameworks, can amplify systemic risk if approved prematurely. However, the lawmakers stressed that concerns with WLF are “no longer just a debate about crypto chartering theory. It is about foreign ownership, national security, regulatory integrity, and whether our bank-chartering process is resilient to political and geopolitical pressure.”
The letter also condemned recent administration actions, which the lawmakers believe undermine the Department's regulatory independence. Specifically, the letter points to Executive Order 14215, which, “effectively ended the traditional independence of key financial regulators by requiring all agencies, including those long insulated from political influence like the OCC, to submit certain regulatory actions for White House review and to follow the President’s and Attorney General’s binding legal interpretations.”
Response requested. The lawmakers concluded the letter by requesting the Treasury respond to the following questions by February 26, 2025:
What safeguards are in place to ensure that foreign government officials, sovereign proxies, or politically connected investors cannot use the bank-chartering process to gain leverage over the U.S. financial system or access sensitive financial or technological infrastructure?
What role do the White House and the Office of Management and Budget play in reviewing, approving, or otherwise influencing national bank or trust chartering decisions made by the Office of the Comptroller of the Currency (OCC)?
What role does the Department of the Treasury have, formally or informally, in reviewing national bank or trust chartering decisions made by the Office of the Comptroller of the Currency (OCC)?
Companies: World Liberty Financial
LegislativeActivity: FinancialStability OversightInvestigations