A Democrat lawmaker from Michigan, House Representative Gerald E. Connolly, has urged the US Treasury to halt any efforts to establish a strategic cryptocurrency reserve in the United States. In a letter to Treasury Secretary Scott Bessent, Connolly criticized the proposed “cryptocurrency reserve,” arguing it would not benefit the American people and could instead enrich President Donald Trump and his donors. Connolly raised concerns about the unsound fiscal policy of the plan, claiming it favored certain cryptocurrencies over others based on social media posts. He highlighted that the Federal Reserve had labeled the idea as “the dumbest ever,” suggesting it would be a waste of taxpayer money. The lawmaker emphasized that there was no strategic need for such an investment in the volatile cryptocurrency market. Moreover, Connolly accused the Trump administration of not consulting Congress or seeking authorization for the Bitcoin reserve plan. He pointed out potential conflicts of interest between Trump’s official duties and the ownership of crypto-related entities. The proposed Strategic Bitcoin Reserve would reportedly use forfeited cryptocurrency from federal cases, while the Digital Asset Stockpile would include various cryptocurrencies like XRP, Solana, Cardano, and Ether. The controversy surrounding Trump’s cryptocurrency plans has sparked criticism from other Democratic lawmakers, including Representative Maxine Waters, who labeled Trump’s memecoin launch as the “worst of crypto.” Connolly has requested detailed documentation from the Treasury regarding the creation of the Bitcoin reserve and steps taken to address conflicts of interest. The ongoing debate highlights the divide over the proposed cryptocurrency initiatives and their potential implications for the American economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Democrat lawmaker from Michigan, House Representative Gerald E. Connolly, has urged the US Treasury to halt any efforts to establish a strategic cryptocurrency reserve in the United States. In a letter to Treasury Secretary Scott Bessent, Connolly criticized the proposed “cryptocurrency reserve,” arguing it would not benefit the American people and could instead enrich […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/64738"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=64738"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/64738\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=64738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=64738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=64738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}