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Senators Urge SEC to Protect Americans' Financial Data from CCP

Strategic Insights

— 2 min read

U.S. Senators Tommy Tuberville (R-AL) and Jim Banks (R-IN) have sounded the alarm on the threat of Chinese Communist Party (CCP) access to sensitive American financial data. In a letter to Securities and Exchange Commission (SEC) Chairman Paul Atkins, the senators have urged the SEC to ensure that two Chinese-linked companies, Webull Financial, LLC (Webull) and Moomoo, Inc. (Moomoo), comply with American laws and regulations. These companies, popular stock trading platforms operating in the United States, have been collecting highly sensitive personal data from millions of American consumers, including Social Security numbers, mailing addresses, and financial account data.

Key Takeaways:

  • Senators Tommy Tuberville and Jim Banks have written a letter to SEC Chairman Paul Atkins, expressing concerns over Chinese-linked companies Webull and Moomoo's ties to the CCP and their handling of sensitive American financial data.
  • The senators have urged the SEC to take immediate action to protect Americans' financial data from exposure to the CCP, citing the risks posed by these companies' data sharing practices and CCP ties.
  • The CCP's attempts to access sensitive American financial data have raised concerns over national security, as Senator Tuberville believes the Communist Chinese Party seeks to overtake the United States as the top global superpower.
  • Webull has a track record of collecting highly sensitive personal data from American consumers, including Social Security numbers, and has ties to Chinese telecom giants Xiaomi and Tencent.
  • Senator Tuberville first called for an investigation into Webull and Moomoo in July 2022, expressing concerns over their data sharing practices and ties to the CCP.
  • The senators have urged the SEC to delist all Chinese companies from U.S. markets and rescind Chinese-owned broker-dealers' licenses to operate in the U.S.
  • The SEC and FINRA have been criticized for failing to take adequate steps to protect American investors and their sensitive financial data from Chinese companies.

Statistics:

  • 731 employees work at Webull's mainland China subsidiary, Hunan Weibu Information Technology Co., Ltd. (Hunan Weibu).
  • Approximately 61% of Webull's employees are based in mainland China.
  • Webull's May 9, 2025, Prospectus indicates that the company employs 731 employees in its Chinese subsidiary.
  • Moomoo Inc. has been linked to the CCP's surveillance and suppression efforts, with reportedly aiding the CCP in its efforts to surveil and suppress its citizens.

Sources:

1. Tommy Tuberville, letter to Paul Atkins, Securities and Exchange Commission (SEC) Chairman, dated April 11, 2025.

2. Jim Banks, letter to Paul Atkins, SEC Chairman, dated April 11, 2025.

3. U.S. Senate, 2025.

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