The US House Select Committee on China stated that Webull's ownership, workforce, technology, data flows, financing, and compliance are "tied in structural ways" to China, despite its marketing as an American company. The report cited alleged Chinese Communist Party influence over Webull's mainland unit, Hunan Weibu, through Changsha Municipal Government grants. Webull, which holds $24.6 billion in customer assets, rejected the findings, stating it operates its US business from Florida and New York and keeps American customer data on US soil. Webull's president, Anthony Denier, sold 53,846 shares on Monday, less than 48 hours before the report's release.