A Democratic legislator has opposed the plan of the president of the United States, Donald Trump, to increase government bitco holdings by creating a strategic reserve.
The representative of the House of Representatives Gerald E. Connolly de Virginia urged the United States Treasury Department to stop the Bitcoin proposal reserve, suggesting that Trump has a conflict of interest in pressing it.
Legislator: Pare BTC Reserve
Connolly wrote a letter to the Secretary of the United States Treasury Department, Scott Besent, urging the secretary to “leave all attempts” that promote the establishment of a strategic Bitcoin reserve, claiming that he will only enrich Trump and his allies.
“The creation of a strategic cryptocurrency reserve is about to enrich the president and its closest allies at the expense of US taxpayers,” said Connolly. “I urge you to cease all plans to create a strategic cryptocurrency reserve.”
The Virginia legislator criticized the proposal of cryptocurrencies because only Trump and his donors will benefit from her.
Representative Connolly urges the United States Treasury to discard plans for the strategic encryption reserve
The representative of Virginia, Gerry Connolly, sent a letter to the United States Treasury Secretary, Scott Besent, on March 13, urging the department to stop the plans to establish a strategic encryption reserve. According to a press …
– Global appointment (@Coinnessgl) March 14, 2025
Important cryptography headlines
Connolly said Trump, his family and his closest allies are owners of cryptocurrencies, citing that the president’s family possessed the Trump organization, which maintains “a significant property in World Liberty Financial.”
The legislator described him as a cryptocurrency company that “aspires to be a kind of digital asset bank, where customers will be encouraged to borrow, lend and invest in digital currencies,” even the president claims World Liberty Financial as “the future of finance.”
He added that the children of the president, Eric Trump and Donald Trump Jr., have advocated several cryptocurrencies, pointing out the connection between the Trump family and the cryptocurrencies.
The Democratic legislator mentioned that the US President even presented a new meme coin in January called Trump, saying: “According to the reports, the entities related to President Trump have obtained up to $ 100 million in commercial rates only for this company, which has been called its” most lucrative scheme rich in Get Rich so far. “
He pointed out that a cryptographic strategic reserve “does not have a discernible benefit for the American people.”
Not solid fiscal policy?
Connolly argued that the Bitcoin reservation is a “little solid fiscal policy” because the selection of winning currencies will be carried out through social networks, and added that it will only waste “dollars of taxpayers in a plan that a federal reserve official described as” the most silly idea. “
“The United States has historically created, through the acts of Congress, the reserves of certain basic products of strategic value, such as oil, particularly in times of economic crisis. However, there has been no strategic need that would need investment in the volatile and speculative cryptocurrency market, ”said the legislator.
He described the Bitcoin reserve as “nothing more than a coverage supported by highly speculative taxpayers”, saying that if Cripto is blocked, “the State will implement this fund to rescue it.”
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