News 
March 14, 2025 
3 min. 
A senior Democratic lawmaker has called on the US Treasury to halt all efforts to establish a strategic cryptocurrency reserve, citing potential conflicts of interest with President Donald Trump and questioning the benefit to American citizens.
In a strongly worded letter to Treasury Secretary Scott Bessent dated March 13, Representative Gerald E. Connolly of Michigan criticized the proposed cryptocurrency initiatives as providing “no discernible benefit to the American people” while potentially enriching the president and his supporters.
Concerns Over Fiscal Policy and Congressional Authority
Connolly characterized Trump’s cryptocurrency plans as “unsound fiscal policy” that arbitrarily favors certain digital currencies over others. He particularly took issue with the selection process, which he claims is influenced by social media rather than sound economic principles.
“No strategic need has arisen that would necessitate investment in the volatile and speculative cryptocurrency market,” wrote Connolly, who serves as the ranking Democrat on the House Committee on Oversight and Government Reform.
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The lawmaker also argued that the Trump administration failed to consult with or obtain authorization from Congress before proceeding with the Bitcoin reserve plan, raising concerns about executive overreach.
Alleged Conflicts of Interest
Connolly highlighted what he sees as significant conflicts between Trump’s presidential responsibilities and his business interests, specifically pointing to the Trump Organization’s ownership stake in the crypto platform World Liberty Financial and connections to the Official Trump (TRUMP) memecoin.
The letter described the TRUMP token as a “money grab” that has generated over $100 million in trading fees for Trump-linked entities, calling it the president’s “most lucrative get-rich scheme yet.”
While the White House maintains that the Digital Asset Stockpile will only hold cryptocurrency already forfeited and that the Bitcoin reserve acquisitions will be budget-neutral with no impact on taxpayers, Connolly remains unconvinced. He has requested that the Treasury immediately stop all efforts related to these cryptocurrency initiatives pending further congressional review.
