The democratic legislator objected to the plan of US President Donald Trump to augment the government’s Bitcoin resources by creating a strategic reserve.
House rep. Gerald E. Connolly from Virginia called the US Treasury Department Stop the proposed Bitcoin reservesuggesting that Trump has a conflict of interests in pursuit of him.
Legislator: STOP BTC Reserve
Connolly He wrote a letter to the Secretary of the US Department of Scott Bessent, calling the secretary to “stop all attempts” that strives to establish a strategic Bitcoin reserve, claiming that he would only enrich Trump and his allies.
“The creation of a strategic cryptocurrency reserve is able to enrich the president and his closest allies at the expense of American taxpayers,” said Connolly. “I call you to stop all plans to create a strategic cryptocurrency reserve.”
Virginia The legislator criticized the cryptocurrency proposal Because only Trump and his donors will exploit it.
Rep. Connolly calls the US treasure to catch the strategic plans of the cryptographic reserve
Representative of Virginia Gerry Connolly sent a letter to the Secretary of the US Treasury Scott Bessent on March 13, calling on a department to stop plans to establish a strategic cryptographic reserve. According to the press …
– global meeting (@coinnessgl) March 14, 2025
Main owners of cryptography
Connolly said that Trump, his family and closest allies are the owners of cryptocurrencies, citing the fact that the president’s family was the owner of the Trump organization, which maintains “significant property at World Liberty Financial.”
The legislator described this as a cryptocurrency undertaking, which “strives to be a kind of digital asset bank, in which customers will be encouraged to borrow, borrow and invest in digital coins”, and even the president claimed World Liberty Financial as “the future of finances”.
He added that the sons of the president, Eric Trump and Donald Trump Jr., were in favor of several cryptocurrencies, indicating the relationship between the Trump’s family and cryptocurrencies.
The democratic legislator mentioned that the American president even introduced a modern coin in January AssetSaying: “Entities related to President Trump reportedly reached $ 100 million trade fees for this undertaking, which was called his” most lucrative prosperous program “.
He noticed that the cryptographic strategic reserve “has no noticeable benefit for the American nation.”
Necessary fiscal policy?
Connolly argued that Bitcoin reserve It is “unforgettable fiscal policy” because the choice of currency won will be made through social media, adding that he was wasting “dollars of taxpayers only to the plan that one federal reserve official described as” the stupidest idea “.
“Historically the United States, through the acts of congress, created reserves of some goods of strategic value, such as oil, especially during the economic crisis. However, there was no strategic need that would require investment for an unstable and speculative cryptocurrency market, “said the legislator.
He described the Bitcoin reserve as “nothing more than the highly speculative security supported by taxpayers”, saying that if cryptographic failures, “the state will extend this fund to save him.”
A distinguished picture from The Independent, Chart from TradingView
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