Bessent points to Commerce over Megaspeed export restrictions

In a CNBC interview on Friday, Bessent said the Treasury, State and Defence departments and the US trade representative had been in favour of adding Megaspeed to the Entity List for months.

“Commerce has the pen, and you will have to ask them about their internal processes,” he said. The department is led by Commerce Secretary Howard Lutnick. It did not immediately respond to requests for comment from the Associated Press and Axios.

The Commerce Department chairs the interagency committee that considers changes to the list, according to the US Bureau of Industry and Security. Commerce, State, Defence and Energy have votes; the Treasury is consulted when needed but does not vote. Additions are decided by a majority.

It is unclear whether a formal proposal or vote on Megaspeed has taken place. A listing imposes licence requirements on specified transactions with an entity; it is not automatically a ban on all trade.

Megaspeed, a Singapore-based Nvidia customer, has faced allegations that it diverted advanced chips to China. The company said in December 2025 there was no evidence of such exports. On Thursday, it said it took its US export-control obligations seriously and was committed to working transparently with the government.