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Lawmaker Urges Treasury to Block Trump’s Bitcoin Reserve
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House Representative Gerald E. Connolly of Michigan sent a letter to Treasury Secretary Scott Bessent on March 13.
He urged the Treasury to “cease all attempts” to establish a strategic Bitcoin reserve in the United States.
Connolly Slams Trump’s Bitcoin Reserve as a Taxpayer Waste
Connolly argues that such a reserve would serve no real benefit to the American people and would instead line the pockets of President Trump and his supporters. Also, he criticized the proposed cryptocurrency reserve, saying it would only enrich Trump and his donors while wasting taxpayer dollars. He also expressed concerns about the “unsound fiscal policy” behind the plan, which he claims gives special preference to certain cryptocurrencies based on Trump’s social media posts. In his letter, Connolly referenced a statement from the Federal Reserve calling the proposal “the dumbest idea ever.”
LATEST: Democrat lawmaker urges the US Treasury to cease Trump’s Bitcoin reserve plans.
House Rep. Gerry Connolly sent a letter to Treasury Secretary Scott Bessent on Mar. 13, criticizing the cryptocurrency reserve, stating that it provides “no discernible benefit to the… pic.twitter.com/xuZm2TnpwW
— Cointelegraph (@Cointelegraph) March 14, 2025
One of the major issues Connolly raised was that the Trump administration had not consulted Congress about the Bitcoin reserve plan or obtained the necessary congressional approval. He pointed out that the White House had claimed the Digital Asset Stockpile would only hold cryptocurrency already forfeited, while the Bitcoin reserve would use budget-neutral strategies that wouldn’t impact taxpayers. Still, Connolly remains unconvinced and warned that no “strategic need” has emerged to justify investment in volatile cryptocurrencies.
Connolly Exposes Conflicts in Trump’s Bitcoin Reserve and Memecoin
Adding to his concerns, Connolly highlighted potential conflicts of interest, citing Trump’s ownership of World Liberty Financial, a crypto platform, and the controversial TRUMP memecoin. The lawmaker criticized the memecoin as a “money grab” that has reportedly generated over $100 million in trading fees for Trump-linked entities. Connolly called this scheme “the most lucrative get-rich idea yet” for Trump.
Source: Oversightdemocrats
Connolly has requested documents and communications from the Treasury related to the creation of the Bitcoin reserve. He also asked for a list of companies in which the Treasury holds crypto-related financial interests. Additionally, Connolly pressed for answers regarding whether the Presidential Working Group on Digital Asset Markets, which is tasked with regulating cryptocurrencies, has reviewed financial disclosures from administration officials, including Elon Musk.
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March 14, 2025 at 05:27AM
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