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A high -level democrat urged the Department of the US Treasury to stop the implementation of a Bitcoin Strategic Reserve by President Donald Trump, saying that she “will enrich the president and his donors”.
“Such a reserve offers no perceptible advantage to the American people,” wrote the representative of the house Gerald E. Connolly of Michigan in a 13 March letter to the secretary of the Treasury Scott Bessent.
He added that the plan, called “the most stupid idea of all time” by a federal reserve official, would waste the dollars of taxpayers.
Trump’s Bitcoin Strategic Reserve would lead to a “non -solid tax policy”
Connolly also warned in his letter to the Treasury that Trump’s plan could lead to a “non -solid fiscal policy” because she promotes certain cryptos on others on social networks.
According to the legislator, this would not benefit anyone other than existing bitcoin and Some crypto the holders, as well as the president himself.
He also said that no need had appeared, which justifies an investment in the “market for volatile and speculative cryptocurrencies”.
Trump’s crypto reserve “would be nothing more than a very speculative hedge of taxpayers to provide bitcoin Speculators insurance that when the accident arrives, the state will deploy this fund to save it, “he added.
Connolly’s arguments contradict the declarations made by the White House concerning the reserve.
Trump crypto and AI David Sacks Tsar recently said that the fund would only include digital assets that have been seized by the government. He also declared that the government explored neutral strategies to build the assets of the reserve which would not have an impact on taxpayers.
Barely a few minutes ago, President Trump signed an executive decree to establish a strategic bitcoin reserve.
The reserve will be capitalized with bitcoin belonging to the federal government which was confiscated within the framework of the procedure for confiscating criminal or civil assets. It means that …
– David Sacks (@ davidsacks47) March 7, 2025
Trump’s Bitcoin Strategic Reserve of Bitcoin presents a conflict of interest
Connolly also argued that Trump’s push for a strategic reserve of American cryptography presents a conflict of interest, given the property of the family of the president of financial freedom.
By introducing laws that promote digital assets and by pushing for the American crypto reserve, Connolly argued that the president and his family benefit from the DEFI project, which has substantial digital assets and continues to buy more crypto.
Donald Trump’s project has just bought $ 100,000 from $ Sei
The World Liberty FI addresses sent $ 25 million USDC to a separate address last week.
This address has just bought $ 100,000 from Sei sur Ethereum and returned it to the main WLF address. pic.twitter.com/wxvsyifdsk
– Arkham (@arkham) March 13, 2025
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