Gerald Connolly, a Democratic leader on the U.S. House Committee on Oversight and Government Reform, has officially called on the U.S. Treasury Department to halt President Donald Trump’s plan to establish a strategic cryptocurrency reserve. This plan is believed to include the creation of a national Bitcoin reserve as well as a personal cryptocurrency fund under Trump's direct control.
Concerns Over Conflict of Interest
In a letter to the Treasury Department on Thursday, Representative Connolly emphasized that Trump’s push for this initiative presents a “clear conflict of interest.” He pointed out that Trump had neither consulted Congress nor sought legislative approval to implement the Bitcoin reserve plan.
The letter stated:
“The establishment of a strategic cryptocurrency reserve would create significant financial benefits for the President himself and his close allies, while posing risks to American taxpayers.”
Connolly warned that if this plan proceeds without strict oversight, it could create a biased system where individuals with political ties to Trump may profit from the national Bitcoin reserve policy.
Urging the Treasury to Act
To prevent potential abuse of power and personal enrichment, Connolly urged the Treasury Department to immediately suspend all plans related to the strategic cryptocurrency reserve and to arrange a detailed briefing with the House Oversight and Government Reform Committee.
Connolly’s letter underscores the Democratic Party’s strong opposition to Trump’s cryptocurrency policies, especially as he prepares for his 2024 presidential campaign.
With mounting pressure from the Democratic Party, it remains uncertain whether the Treasury Department will take steps to block this initiative. However, this development could have significant implications for U.S. cryptocurrency policy moving forward.
Read more: Mr. Trump has just signed an order to establish a strategic Bitcoin reserve fund.