U.S. Sen. Tommy Tuberville (R-Auburn) on Friday led a group of his fellow GOP colleagues in calling for an investigation into Chinese government-affiliated stock trading platforms.
In their letter to U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler, the Republican senators called attention to popular online trading platforms Webull Financial, LLC and Moomoo, Inc.
The stock trading apps, which are registered with the SEC and the Financial Industry Regulatory Authority (FINRA), are owned by Chinese companies that have reportedly abetted the communist regime in suppressing the nation’s citizenry.
Chinese telecommunications giants Xiaomi and Tencent, the apps’ parent companies, have allegedly aided the rogue government in surveillance operations.
According to the senators, the trading apps’ collection of sensitive consumer information, such as Social Security numbers, mailing addresses and financial account data, poses major privacy concerns.
“Instead of pursuing partisan rulemakings like the SEC’s recent climate disclosure proposal, which will do nothing to protect investors, we urge you to focus Commission resources on fully implementing the Holding Foreign Companies Accountable Act and ensuring that U.S. investors are not put at risk by using broker-dealers owned by Chinese companies,” the senators wrote in their letter. “Our national security and the financial well-being of U.S. investors depend on your efforts.”
Tuberville led U.S. Sens. Ted Cruz (R-Texas), Mike Braun (R-Ind.), Rick Scott (R-Fla.) and Roger Marshall (R-Kan.) in sending the letter to the SEC.