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A Democratic legislator has expressed opposition to President Donald Trump’s initiative to boost the federal government’s Bitcoin holdings by establishing a strategic reserve.
Rep. Gerald E. Connolly from Virginia urged the U.S. Division of the Treasury to cease the proposed Bitcoin reserve, indicating that Trump has a battle of curiosity in advocating for it.
Lawmaker: Halt BTC Reserve
Connolly addressed a letter to U.S. Treasury Secretary Scott Bessent, urging the Secretary to “terminate all efforts” associated to making a strategic Bitcoin reserve, claiming that it’ll solely serve to complement Trump and his associates.
“The institution of a strategic cryptocurrency reserve is ready to learn the President and his closest allies on the detriment of American taxpayers,” Connolly acknowledged. “I implore you to halt all initiatives geared toward making a strategic cryptocurrency reserve.”
The Virginia legislator criticized the cryptocurrency initiative, asserting that solely Trump and his benefactors would reap the rewards.
Rep. Connolly calls on U.S. Treasury to cancel plans for a strategic crypto reserve
Virginia Consultant Gerry Connolly despatched a letter to U.S. Treasury Secretary Scott Bessent on March 13, requesting the division to stop steps towards establishing a strategic crypto reserve. Based on a press…
— CoinNess International (@CoinnessGL) March 14, 2025
Key Cryptocurrency Holders
Connolly alleged that Trump, his household, and his shut associates personal cryptocurrencies, noting that the President’s household runs The Trump Group, which has “substantial stakes in World Liberty Monetary.”
He described this as a cryptocurrency enterprise aiming to be a kind of digital asset financial institution, encouraging clients to borrow, lend, and put money into digital currencies, with the President asserting that World Liberty Monetary represents “the way forward for finance.”
Connolly additionally noticed that Trump’s sons, Eric Trump and Donald Trump Jr., have endorsed numerous cryptocurrencies, highlighting the household’s connection to the crypto house.
The Democratic lawmaker famous that the President even launched a brand new meme coin named TRUMP earlier this yr, stating, “Entities tied to President Trump have reportedly earned upwards of $100 million in buying and selling charges alone from this enterprise, dubbed as his ‘most profitable get-rich scheme but.’”
He emphasised {that a} strategic crypto reserve has “no tangible benefit for the American public.”
Questionable Fiscal Coverage?
Connolly characterised the Bitcoin reserve as an “unstable fiscal coverage,” arguing that the selection of favorable currencies might be decided by way of social media and asserting that it’ll squander “taxpayer {dollars} on what one Federal Reserve official known as ‘the dumbest thought’ ever.”
“Traditionally, america has created reserves of pivotal commodities like petroleum by way of Congressional acts, particularly throughout financial crises. Nevertheless, no strategic necessity has arisen that might warrant funding within the unpredictable and speculative cryptocurrency market,” the legislator remarked.
He characterised the Bitcoin reserve as “merely a extremely speculative taxpayer-supported hedge,” asserting that if the crypto market collapses, “the federal government will use this fund to bail it out.”
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