U.S. Lawmaker Kicks against Bitcoin Strategic Reserve
Democratic Representative Gerald E. Connolly delivered a forceful critique of President Donald Trump’s most recent financial policy. Connolly has called on the US Treasury Department to halt efforts to establish a strategic cryptocurrency reserve.
Connolly, the Ranking Member of the House Oversight and Government Reform Committee, expressed concern about what he called a clear conflict of interest.
Rep. Gerald also said the program seems more beneficial to Trump and his financial supporters than the American people. He sent Treasury Secretary Scott Bessent a letter outlining his formal request. The executive order that Trump signed earlier in March is the source of the controversy.
It describes how 200,000 Bitcoin already held by the government will be used to capitalize a federal Bitcoin reserve.
A distinct organization called the US Digital Asset Stockpile was also created to handle forfeited digital assets, such as Ethereum, XRP, Solana, and Cardano.
Although the administration claims that the reserve wants to increase the nation’s dominance in digital financial technology, Connolly argues that the move is a poor policy choice that could jeopardize economic stability while favoring the president’s business endeavors.
Connolly’s main grievance is that Trump has a financial stake in the World Liberty Financial Initiative (WLFI). He cautioned that any government action that raises the value of cryptocurrencies would directly increase the profitability of Trump’s business interests, making his ownership of the company an alarming conflict of interest.
The lawmaker raised Trump’s contentious participation in the memecoin project called (TRUMP). Connolly stated that Trump and his supporters stand to profit monetarily from the token’s volatility, despite critics characterizing it as a speculative money-making scheme.
Connolly added to the scrutiny by criticizing the implementation of the cryptocurrency reserve and pointing out that the US president has not requested congressional approval for the project.
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