U.S. Senators Elizabeth Warren and Andy Kim have called for a formal national security review of a foreign investment in the Trump Family-affiliated World Liberty Financial (WLFI). In a letter sent to Treasury Secretary Scott Bessent on Feb. 13, the lawmakers expressed “significant national security concerns” regarding reports that a foreign investment vehicle purchased a 49% stake in the company for $500 million.

According to the Senators, the transaction made the overseas capital structure the WLFI’s largest shareholder and only known outside investor. The letter details that the information stemmed from a Wall Street Journal (WSJ) report. The deal allegedly directed $187 million directly to Trump family entities, including DT Marks DEFI LLC and DT Marks SC LLC.

“This deal marked something unprecedented in American politics: a foreign government official taking a major ownership stake in an incoming U.S. president’s company,” the senators wrote, citing the WSJ’s reporting.

The primary concern raised by Warren and Kim involves the Committee on Foreign Investment in the United States (CFIUS), which Bessent chairs. The senators are questioning whether the deal gives the offshore entities—or potentially China—access to the sensitive personal data of U.S. citizens.

Before penning this letter, Warren had already teamed up with House Financial Services Committee Ranking Member Maxine Waters to press the U.S. Securities and Exchange Commission (SEC) for greater transparency into the Trump family’s crypto dealings.

The duo specifically pressed the SEC to explain its “abrupt” decision to pause a high-profile crypto enforcement cases. At the time, the lawmakers pointed to concerns that the Trump family could reap hundreds of millions from token sales.

WLFI’s privacy policy reportedly dictates that the company collects user data, including names, emails, and physical addresses. It is also thought to collect crypto wallet addresses and device IDs, as well as IP addresses and approximate locations.

The letter also states that two of WLFI’s five board seats were reportedly awarded to senior executives from an artificial intelligence (AI) firm that U.S. intelligence has allegedly tied to Chinese military interests. Senators Warren and Kim have set a deadline of March 5, 2026, for Treasury Secretary Bessent to provide answers on several key points.

First, the lawmakers want to know whether the 49% acquisition qualifies as a “covered transaction” requiring a formal security review. They also demand to know if the deal utilized a new “fast-track pilot program” for foreign investors. The senators also want assurances that any investigation will be conducted “without regard to political favoritism.”

The White House and the Treasury Department have not yet issued a formal response to the letter. However, a White House counsel spokesperson previously stated that the President has “no involvement in business deals that would implicate his constitutional responsibilities.”

• What triggered the senators’ letter? U.S. Senators Elizabeth Warren and Andy Kim raised national security concerns over a $500 million investment in WLFI.
• Why is the deal controversial? The foreign vehicle is reportedly WLFI’s largest shareholder.
• What risks are being flagged? Lawmakers warn the deal could expose sensitive U.S. citizen data through WLFI’s crypto and personal information collection. Security issues with China is also mentioned.
• What happens next? Treasury Secretary Scott Bessent must decide by March 5, 2026, if the acquisition requires a formal CFIUS review.

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