{"id":68796,"date":"2025-03-15T18:01:34","date_gmt":"2025-03-15T18:01:34","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2025\/03\/15\/congressman-opposes-trumps-cryptocurrency-initiatives\/"},"modified":"2025-03-15T18:02:34","modified_gmt":"2025-03-15T18:02:34","slug":"congressman-opposes-trumps-cryptocurrency-initiatives","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2025\/03\/15\/congressman-opposes-trumps-cryptocurrency-initiatives\/","title":{"rendered":"Congressman Opposes Trump’s Cryptocurrency Initiatives"},"content":{"rendered":"

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Trusted Editorial<\/u> content material, meticulously evaluated by distinguished trade professionals and skilled editors. Advert Disclosure<\/p>\n<\/div>\n

A Democratic legislator has expressed opposition to President Donald Trump\u2019s initiative to boost the federal government\u2019s Bitcoin holdings by establishing a strategic reserve.<\/span><\/p>\n

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.<\/span><\/p>\n

Lawmaker: Halt BTC Reserve<\/strong><\/h2>\n

Connolly addressed a letter to U.S. Treasury Secretary Scott Bessent, urging the Secretary to \u201cterminate all efforts\u201d associated to making a strategic Bitcoin reserve, claiming that it’ll solely serve to complement Trump and his associates.<\/span><\/p>\n

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\u201cThe institution of a strategic cryptocurrency reserve is ready to learn the President and his closest allies on the detriment of American taxpayers,\u201d Connolly acknowledged. \u201cI implore you to halt all initiatives geared toward making a strategic cryptocurrency reserve.\u201d<\/span><\/span><\/h4>\n<\/blockquote>\n

The Virginia legislator criticized the cryptocurrency initiative, asserting that solely Trump and his benefactors would reap the rewards.<\/span><\/p>\n

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Rep. Connolly calls on U.S. Treasury to cancel plans for a strategic crypto reserve<\/p>\n

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\u2026<\/p>\n

\u2014 CoinNess International (@CoinnessGL) March 14, 2025<\/a><\/p>\n<\/blockquote>\n

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Key Cryptocurrency Holders<\/strong><\/h2>\n

Connolly alleged that Trump, his household, and his shut associates personal cryptocurrencies, noting that the President\u2019s household runs The Trump Group, which has \u201csubstantial stakes in World Liberty Monetary.\u201d<\/span><\/p>\n

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 \u201cthe way forward for finance.\u201d<\/span><\/p>\n

Connolly additionally noticed that Trump\u2019s sons, Eric Trump and Donald Trump Jr., have endorsed numerous cryptocurrencies, highlighting the household\u2019s connection to the crypto house.<\/span><\/p>\n

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BTC is presently buying and selling at $83,562. Chart: TradingView<\/figcaption><\/figure>\n

The Democratic lawmaker famous that the President even launched a brand new meme coin named TRUMP earlier this yr, stating, \u201cEntities tied to President Trump have reportedly earned upwards of $100 million in buying and selling charges alone from this enterprise, dubbed as his \u2018most profitable get-rich scheme but.\u2019\u201d<\/span><\/p>\n

He emphasised {that a} strategic crypto reserve has \u201cno tangible benefit for the American public.\u201d<\/span><\/p>\n

Questionable Fiscal Coverage?<\/strong><\/h3>\n

Connolly characterised the Bitcoin reserve as an \u201cunstable fiscal coverage,\u201d arguing that the selection of favorable currencies might be decided by way of social media and asserting that it’ll squander \u201ctaxpayer {dollars} on what one Federal Reserve official known as \u2018the dumbest thought\u2019 ever.\u201d<\/span><\/p>\n

\u201cTraditionally, 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,\u201d the legislator remarked.<\/span><\/p>\n

He characterised the Bitcoin reserve as \u201cmerely a extremely speculative taxpayer-supported hedge,\u201d asserting that if the crypto market collapses, \u201cthe federal government will use this fund to bail it out.\u201d<\/span><\/p>\n

Featured picture sourced from The Unbiased, chart by TradingView<\/em><\/p>\n

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