The Democratic legislator urges the Treasury to stop Bitcoin backup plans in Trump

One of the democratic legislators called for the US Treasury to “stop all attempts” to create a strategic coding reserve in the United States, pointing to conflicting interests with US President Donald Trump and argued that the store will not benefit the American people.

House representative Gerald E. Konoli from Michigan criticize “Cracks reserves” in a letter on March 13 to Treasury Secretary Scott Payette, saying that it provides “no noticeable benefit to the American people”, and instead enriches the president and the donors significantly.

Honoli, who did not distinguish between Bitcoin Strategic Reserve and Digital assets stocksTrump’s plans said that “intact financial policy” is because it chooses some currencies encrypted to others through social media.

Honoli said that the Trump administration plan would also waste taxpayer dollars in what the Federal Reserve described as “the most ever.”

“No strategic need would require investing in the volatile and speculative cryptocurrency market,” Conely, Democrat at the Government Supervision and Reform Board Committee, He said In the message.

“[It] It will not be more than just a hedge backed by taxpayers supported by speculative to provide Bitcoin’s speculators that when the accident comes, the state will publish this fund to save it. “

However, the White House said that the stock of digital assets will only stick to the currency already encrypted. At the same time, bitcoin (BTC) The reserve will make the acquisitions only through Budget neutral strategies This will not affect the taxpayers.

Honoli also said that Trump failed to consult Congress on Bitcoin Reserve Plan, not to mention obtaining permission from Congress to create it.

Honoli has also claimed that there is conflict of interests between Trump’s presidential duties and the ownership of the Trump organization of the global encryption platform Liberty Financial, as well as the official Memecoin Trump (Trump).

Democrat referred to Trump code As “money grabbing”, which allowed Trump’s associated entities to benefit from trading fees of more than $ 100 million.

Konoli added that this is called “a rich, more profitable scheme so far.”

Related to: Bitcoin reserves may end a “strong political weapon” – Arthur Hayes

Actor Maxine Waters, a democratic in the House of Representatives Financial Services Committee, too Mimikoin Trump criticized On January 20, in reference to the carpet withdrawal during the launch, it represents the “worst encryption”.

The Bessolie asked for the provision of documents and communications related to the creation of Bitcoin reserves and a full list of steps taken by the Trump administration to avoid conflicts of interests.

Honoli also requested a list of companies with the treasury with financial interests related to encryption. He also asked:

“Did the presidential work group in the digital asset markets, which have been assigned, have developed a federal regulatory framework for coded currency reserve rule, reviewed financial disclosures by administration officials, including, but not limited to Elon Musk?”

the Bitcoin strategic reserves Initially, cryptocurrencies will be used in federal criminal or civil cases. Meanwhile, the stock of digital assets will consist of encrypted currencies other than bitcoin, which can include XRP (Xrp), Solana (Teller), Cardano (Lead) And the fragrance (Eth).

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