Bessent says Treasury backed Megaspeed blacklisting, blames Commerce for delay

A dispute over who holds the pen

US Treasury Secretary Scott Bessent told CNBC on Friday, 13 November 2026, that his department and several other agencies had for months backed putting Megaspeed on the entity list, the register of companies the US considers a national security risk. He said the decision rests with the Commerce Department, which he described as having the lead, and that questions about its internal process should go to Commerce. US companies need licences from Commerce before exporting to firms on that list.

Bessent did not deny reports of tension with Lutnick. Asked about reports that he had confronted Lutnick on the issue, he replied:

“We don't repeat conversations in the Situation Room.”

Megaspeed and the chip probe

Megaspeed is based in Singapore. The US has for more than a year investigated whether the company smuggled Nvidia chips into China. The Financial Times said US authorities believe Alice Huang, who is linked to the company, was working with China's intelligence service. The company sits at the centre of a scandal involving former Nvidia chief executive Jensen Huang, who has been named in the reporting as having had a relationship with Alice Huang.

Lutnick under growing pressure

The FT reported earlier this week that the Commerce Department had delayed efforts to add Megaspeed to the blacklist. Jensen Huang resigned as Nvidia chief executive on Thursday, 12 November, after admitting an extramarital affair with a Megaspeed executive, the FT reported. Republican legislators on the same day called for Lutnick to testify before Congress, and Axios noted that Bessent's remarks did not deny the friction between the two officials.

Congressional subpoena threats

The Senate Banking Committee has already summoned Huang and Lutnick to a hearing. Its chairman, Tim Scott, has threatened Huang with a subpoena if he does not testify voluntarily. On Thursday Scott wrote on X that recent reports raise serious concerns about national security and the protection of sensitive US technology. Separately, the chairs of three House committees asked Huang and Nvidia chief legal officer Tim Teter to attend non-public hearings on 1 and 2 December, warning of subpoenas otherwise.

Bessent on export controls

Bessent said the government already has the tools it needs to police chip exports and that the problem is enforcement. He said he was frustrated by the leakage of advanced chips:

“I am frustrated when President Trump made it very clear that China should not receive any Nvidia chips above H100s”

He argued that the leaks hurt US companies and give China an advantage in the AI race. Asked whether the US approach should change, he said:

“I think we have all the authorities that we need. They just need to be implemented.”

The dispute over who controls the Megaspeed decision is therefore unresolved, with Congress set to press both Huang and Lutnick.