While new threats from the Chinese Communist Party continue to materialize daily, U.S. Senator Tommy Tuberville (R-Auburn) is working to protect personal American financial information from Beijing’s influence.
According to the lawmaker, there is concern that two Chinese-linked stock trading platforms, Wellbull Financial and Moomoo, Inc., may not be adhering to American laws and regulations.
In a recent letter addressed to Securities and Exchange Commission Chairman Paul Atkins, Tuberville and fellow Republican Senator Jim Banks (R-IN) stressed that the failure to follow guidelines could result in the CCP gaining sensitive information, further allowing its exploitation of American citizens.
“We were disappointed to see that earlier this year, the SEC approved Webull to proceed with its Special Purpose Acquisition Company (SPAC) transaction, which now allows Webull to fully exploit U.S. markets – and, by extension, American investors who put their hard-earned money to work in these markets – as a public company listed on Nasdaq,” the legislators wrote.
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“Webull’s March 2025 Investor Presentation filed with the SEC on March 31, 2025, and its May 2025 Prospectus, appear to contain many of the same troubling connections between Webull and the CCP that legislators and law enforcement authorities have repeatedly raised to your predecessor, including continued ownership and control by individuals and entities that appear to be domiciled in China.”
Tuberville was blunt in his assessment of the issue, calling communist China the ‘biggest threat facing our country today.’
“Thankfully, we now have a Commander-in-Chief in President Trump who is taking the threat of China incredibly seriously. China doesn’t need a spy balloon to steal our information — they’ve got spies in the smartphones of millions of Americans, harvesting valuable information every second. ”
“The United States must protect the personal data of our citizens from falling into the hands of our greatest adversary.”
Banks took issue with Wellbull’s history in particular.
“Webull has a track record of collecting highly sensitive personal data from American consumers, including Social Security numbers,” said Banks. “We cannot allow any platform like this tied to the Chinese Communist Party to sidestep our rules and jeopardize Americans’ personal data. That is why I am demanding the SEC ensure that any foreign platform is complying with American regulations, so long as they have access to our financial markets.”
Austen Shipley is the News Director for Yellowhammer News. You can follow him on X @ShipleyAusten
