EddieJayonCrypto
15 Mar 25
Rep. Gerald E. Connolly urged the US Treasury Department to abandon plans for a strategic Bitcoin reserve and digital asset stockpile, citing fiscal irresponsibility and potential political motivations. His concerns stem from Trump's executive order to establish the reserve, which Connolly criticize...
Rep. Gerald E. Connolly has urged the US Treasury Department to abandon plans for a strategic Bitcoin reserve and digital asset stockpile, citing fiscal irresponsibility and potential political motivations. Connolly's concerns stem from Trump's executive order to establish the reserve, which he criticized as benefiting Trump and his allies. He highlighted potential conflicts of interest and lack of congressional oversight, urging the Treasury Department to halt all related plans.
The initiative resulted from Trump's March 6 executive order establishing the Strategic Bitcoin Reserve and US Digital Asset Stockpile, aiming to position the federal government as a major holder of various cryptocurrencies. Connolly highlighted Trump's sharp change in stance on crypto and outlined potential conflicts of interest, including Trump's reported stake in a digital asset firm and his involvement in the $TRUMP memecoin, raising concerns about financial speculation tied to the president. He also criticized the administration for bypassing Congress and sought clarity on the reserve's legal justification.