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Democrat lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans

Coin Telegraph LogoCoin Telegraph18h ago

Democrat lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans - Coin Telegraph

Quick Summary:

Connolly said the Trump administration’s plan would also waste taxpayer dollars on what the Federal Reserve described as “the dumbest idea ever.”“No strategic need has arisen that would necessitate investment in the volatile and speculative cryptocurrency market,” Connolly, the ranking Democrat on the House committee on oversight and government reform, said in the letter. “[It] would constitute nothing more than a highly speculative taxpayer-backed hedge to provide bitcoin speculators the assurance that when the crash comes, the State will deploy this fund to rescue it.”Democrat Gerald E Connolly’s letter to Treasury Secretary Scott Bessent.

Related: Bitcoin reserve may end up a ‘potent political weapon’ — Arthur HayesRepresentative Maxine Waters, a Democrat on the House Financial Services Committee, also criticized Trump’s memecoin on Jan.20, referring to a rug pull while claiming the launch represented the “worst of crypto.”Connolly has asked Bessent to provide documents and communications related to the creation of a Bitcoin reserve and a complete list of steps the Trump administration has taken to avoid a conflict of interest.

Connolly, who didn’t discern between the Strategic Bitcoin Reserve and the Digital Asset Stockpile, said Trump’s plans would constitute “unsound fiscal policy” because it chooses certain cryptocurrencies over others via social media.

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Article Details

Author / Journalist: Cointelegraph by Brayden Lindrea

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-14 @ 03:05:13 (18 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 552 words

Reading Time: 4 minutes read

Sentences: 19 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 26976491

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Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 625 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

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Publisher ID: #11

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