Congress Demands Transparency on World Liberty Financial Banking License Application

World Liberty Financial's application for a national trust banking license is facing significant opposition in the U.S. Congress. In a letter to Treasury Secretary Scott Bessent, 41 Democratic representatives are demanding comprehensive disclosure about the ongoing review process at the Office of the Comptroller of the Currency (OCC) ^[1].

The crypto company submitted its license application in early January 2026. In their letter, the lawmakers emphasize that this is no longer merely about theoretical questions of crypto regulation, but rather concrete aspects such as foreign ownership, national security, and the resilience of the licensing process against political pressure ^[1].

The inquiry is prompted by a Wall Street Journal investigation, which reported that Sheikh Tahnoon bin Zayed Al Nahyan allegedly acquired nearly 50 percent of the company's shares for $500 million through an Abu Dhabi-based investment firm. Approximately $187 million reportedly flowed to Trump-affiliated companies ^[1].

The congressional members are now demanding information about safeguards in the approval process as well as potential influence by the White House and the Treasury Department. Bessent had previously only emphasized the independence of the OCC without addressing specific details ^[1].