A Democracy Legislature has opposed us US President Donald Trump’s plan to increase the government’s Bitcoin holding by creating a strategic reserve.
House Rep. Gerald E. Connolly from Virginia urged the US Treasury’s Department to Stop the proposed bitcoin reserveSuggest that Trump has a conflict of interest to drive for it.
Legislators: Stop BTC Reserve
Indecent Wrote a letter to the US Department of Finance Ministry Scott Bessent and urged the secretary to “cease all trials” who drive for the establishment of a strategic bitcoin reserve and claims that it will only enrich Trump and his allies.
“The creation of a strategic Cryptocurrency reserve is prepared to enrich the president and his closest allies at the expense of US taxpayers,” Connolly said. “I urge you to cease all plans to create a strategic cryptocurrency reserve.”
Virginia The legislature criticized the Cryptocurrency proposal Because only Trump and his donors will benefit from it.
Rope.
Virginia Rep. Gerry Connolly sent a letter to US Finance Minister Scott Bessent on March 13 and urged the department to stop the plans to draw up a strategic cryptores. According to a pressure …
– Global (@CoinnessGl) Appointment March 14, 2025
Major Crypto Holders
Connolly said that Trump, his family and his closest allies are the owner of Cryptocurrencies, with reference to the president’s family owning the Trump organization, which maintains “significant ownership in the World Liberty Financial.”
The legislature described it as a cryptocurrency company that “strives to be a kind of digital asset bank, where customers will be encouraged to borrow, borrow and invest in digital coins” with the president even claiming World freedom economic as “Future of Finance.”
He added that the president’s sons, Eric Trump and Donald Trump Jr., have advocated several cryptocoirs and pointed out the relationship between the Trump family and the Cryptocurrencies.
The Democrat Legislature mentioned that the US President even introduced a new Meme coin in January called TRUMPSaying: “Units related to President Trump have reportedly done as much as $ 100 million in trade fees alone for this company, which has been called his” most lucrative goat-rich system yet. “
He noted that a crypto strategic reserve has “no noticeable benefit to the American people.”
Unhealthy tax policy?
Connolly claimed that Bitcoin reserve is an “unhealthy fiscal policy” because the choice of winning currencies will be made via social media, adding that it will only waste “the taxpayers’ dollars on a plan that a Federal Reserve officer described as” the stupidest idea “ever.”
“The United States has historically, through congressional documents, created reserves of certain raw materials with strategic value, such as petroleum, especially during times of economic crisis. But no strategic need has arisen that would require investments in the volatile and speculative Cryptocurrency market, ”the legislature said.
He described the Bitcoin reserve as “nothing more than a very speculative taxpayer-supported hedge”, saying that if crypt crashes, “the state will distribute this fund to save it.”
The picture from The Independent, Chart from TradingView
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