The House Select Committee on China issued a report alleging significant discrepancies between Webull’s marketing and its underlying control mechanisms. Investigators pointed to the company’s technical workforce and financing as evidence of deep-seated structural reliance on China. Following the news, Webull shares fell to $5.86, deepening a 25% decline for the year.

Webull representatives categorically rejected the findings, labeling the committee's report inaccurate. The company maintains that its U.S. operations are headquartered in St. Petersburg, Florida, with data storage managed domestically under strict American oversight. A spokesperson noted the firm had been largely ignored by the committee for 20 months prior to the report's sudden release, yet expressed continued readiness to engage with regulators to address these security concerns.