A Democrat lawmaker called on the US treasury to “stop all attempts” to create a strategic crypto reserve in the United States, citing conflicts of interest in US president Donald Trump and pointing out that a stockpile will not benefit Americans.
Home representative Gerald E. Connolly of Michigan Punato The “Cryptocurrency Reserve” in a March 13 letter to Treasury Secretary Scott Bescent, stating that it provides “no visible benefits to Americans” and instead significantly enrich the president and his donors.
Connolly, who does not distinguish between strategic bitcoin reserve and the Digital Asset StockpileTrump’s plans say generates “not basic fiscal policy” because it chooses some cryptocurrencies to others through social media.
Connolly said the Trump administration’s plan would also waste taxpayer dollars on what the Federal Reserve described as “the worst idea ever.”
“There is no strategic need to emerge that investment in the PABAGU -new and speculative cryptocurrency market will require,” Connolly, the Democrat’s ranking on the House Committee on Oversight and Government Reform, ranking, Says In the letter.
“(This) will develop more than a highly speculative taxpayer-supported taxpayer to provide Bitcoin’s speculators assurance that the crash will come, the state will place this fund to save it.”
The letter of Democrat Gerald e Connolly to Treasury Secretary Scott Bessent. Source: US on Oversight and Government Reform Democrats
However, the White House said the digital asset stockpile will only hold the cryptocurrency that has been removed. At the same time, the bitcoin (Btc) the reserve will only make the acquisitions Neutral budget techniques That will not affect taxpayers.
Connolly also said Trump failed to consult Congress on the Bitcoin reserve plan, just letting go of consent to Congress to create it.
Connolly also accused the conflicts of interest between the roles of Trump President and the owner of the Trump organization of the Crypto Platform World Liberty Financial platform, in addition to Trump’s (Trump’s (Trump) official) official memecoin.
Democrat defined the Trump token As a “money grab” that allows creatures linked to Trump cash in over $ 100 million worth of trading fees.
This is called the “most useful Get-rich scheme,” Connolly added.
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Representative Maxine Waters, a Democrat in the House Financial Services Committee, also Trump’s Memecoin criticized On January 20, the reference to a rug pull while claiming the launch represents the “worst of crypto.”
Connolly asked Bescent to provide documents and communications related to the creation of a Bitcoin reserve and a complete list of steps taken by the Trump administration to avoid a conflict of interest.
Connolly also asked for a list of companies where Treasury has crypto -related interests related to crypto. He also asked:
“Is there a Presidential Working Group in Digital Asset Markets where you serve, which has been assigned to the development of a Federal Regulatory Framework to manage the cryptocurrency reserve, reviewing the financial disclosure of administration officials, including but not limited to Elon Musk?”
The Strategic Bitcoin Reserve will first use cryptocurrency that has lost federal or civil cases. Meanwhile, the digital asset stockpile is made up of cryptocurrencies other than Bitcoin, which may include XRP (XRP), Solana (Sol), Cardano (Ada) and ether (Eth).
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