Concerns about increasing threats from the Chinese Communist Party (CCP) are ongoing, and U.S. Senator Tommy Tuberville (R-Auburn) is taking steps to safeguard American financial information from these risks.

Lawmakers have raised alarms about two stock trading platforms linked to China, Wellbull Financial and Moomoo, Inc. They worry these platforms may not adhere to U.S. laws and regulations.

In a recent correspondence addressed to Securities and Exchange Commission (SEC) Chairman Paul Atkins, Tuberville, along with Republican Senator Jim Banks (R-IN), highlighted the potential for CCPs to access confidential information if compliance with regulations isn’t enforced, raising concerns regarding exploitation of American citizens.

“Earlier this year, it was disheartening to see the SEC permit Webull to move forward with a special purpose acquisition company (SPAC) deal, which allows them to take full advantage of the U.S. market,” Tuberville pointed out. He emphasized that American investors are entrusting their hard-earned money to firms that are now publicly listed on NASDAQ.

“Webull’s investor presentation submitted to the SEC on March 31, 2025, along with its prospectus from May 2025, seem to show numerous troubling connections between Webull and the CCP,” he added.

Tuberville didn’t hold back in his evaluation of the scenario, referring to communist China as the “biggest threat facing our country today.” He expressed gratitude for President Trump, pointing out that the administration is now taking China’s threats seriously, noting that they don’t require spy balloons to compromise our data.

“It’s crucial for the United States to shield our citizens’ personal information from our biggest enemy,” he stated.

Banks specifically voiced concerns about Webull’s history. “Webull has a record of gathering highly sensitive personal data from American users, including Social Security numbers,” he remarked. “We cannot permit these platforms to be associated with the Communist Party of China. Such connections allow them to bypass our rules, endangering American personal data. We are ensuring that foreign platforms comply with U.S. regulations while the SEC continues to oversee our financial markets.”