Bessent says Commerce failed to list Megaspeed

Treasury Secretary Scott Bessent said Friday that several federal agencies had supported placing Singapore-based Megaspeed on the U.S. Commerce Department’s Entity List for months, but said Commerce had authority over the decision and had not acted. His public remarks put Commerce Secretary Howard Lutnick’s handling of export controls under scrutiny as officials examine allegations that Nvidia chips reached China through the company.

Bessent told CNBC that Treasury, Defense, State and the U.S. Trade Representative supported listing Megaspeed. He said Commerce “has the pen” and that questions about its internal process should be directed to the department. The other agencies have not independently confirmed his account in the reports.

The Entity List restricts access to U.S. technology. Megaspeed, a Singapore-based data company and Nvidia customer, has been accused of helping Chinese firms evade export controls by routing advanced chips through intermediaries. The allegations have not been established, and the reports do not explain why Commerce did not add the company to the list.

Megaspeed has denied diverting advanced Nvidia chips to China. It has said it takes U.S....