{"id":4970,"date":"2025-03-14T10:00:00","date_gmt":"2025-03-14T12:00:00","guid":{"rendered":"https:\/\/criptonizando.com\/en\/?p=4970"},"modified":"2025-03-14T09:07:57","modified_gmt":"2025-03-14T11:07:57","slug":"treasury-to-halt-trumps-bitcoin-reserve-plansdemocrat-lawmaker-urges","status":"publish","type":"post","link":"https:\/\/criptonizando.com\/en\/news\/treasury-to-halt-trumps-bitcoin-reserve-plansdemocrat-lawmaker-urges\/","title":{"rendered":"Treasury to Halt Trump&#8217;s Bitcoin Reserve Plans,Democrat Lawmaker Urges"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<p>In a strongly worded letter to Treasury Secretary Scott Bessent dated March 13, Representative Gerald E. Connolly of Michigan <a href=\"https:\/\/oversightdemocrats.house.gov\/news\/press-releases\/ranking-member-connolly-urges-treasury-cease-plans-establish-strategic\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">criticized<\/a> the proposed cryptocurrency initiatives as providing &#8220;no discernible benefit to the American people&#8221; while potentially enriching the president and his supporters.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Concerns Over Fiscal Policy and Congressional Authority<\/strong><\/h2>\n\n\n\n<p>Connolly characterized Trump&#8217;s cryptocurrency plans as &#8220;unsound fiscal policy&#8221; 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.<\/p>\n\n\n\n<p>&#8220;No strategic need has arisen that would necessitate investment in the volatile and speculative cryptocurrency market,&#8221; <a href=\"https:\/\/oversightdemocrats.house.gov\/sites\/evo-subsites\/democrats-oversight.house.gov\/files\/evo-media-document\/2025-03-13-gec-to-treasury-re-crypto-reserve.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">wrote Connolly<\/a>, who serves as the ranking Democrat on the House Committee on Oversight and Government Reform.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Read more on\u00a0<a href=\"https:\/\/criptonizando.com\/en\/learn\/cbet-promo-code\/\" target=\"_blank\" rel=\"noreferrer noopener\">Cbet Promo Code<\/a><\/li>\n<\/ul>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Alleged Conflicts of Interest<\/strong><\/h2>\n\n\n\n<p>Connolly highlighted what he sees as significant conflicts between Trump&#8217;s presidential responsibilities and his business interests, specifically pointing to the Trump Organization&#8217;s ownership stake in the crypto platform World Liberty Financial and connections to the Official Trump (TRUMP) memecoin.<\/p>\n\n\n\n<p>The letter described the TRUMP token as a &#8220;money grab&#8221; that has generated over $100 million in trading fees for Trump-linked entities, calling it the president&#8217;s &#8220;most lucrative get-rich scheme yet.&#8221;<\/p>\n\n\n\n<p>While the White House maintains that the Digital Asset Stockpile will only hold <a href=\"https:\/\/criptonizando.com\/en\/educational\/what-is-cryptocurrency-and-how-does-it-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">cryptocurrency<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":4173,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tpgb_global_settings":"","kia_subtitle":"","footnotes":""},"categories":[1],"tags":[33,19,44,35],"class_list":["post-4970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bitcoin","tag-blockchain","tag-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Treasury to Halt Trump&#039;s Bitcoin Reserve Plans,Democrat Lawmaker Urges - Criptonizando<\/title>\n<meta name=\"description\" content=\"A top Democrat urges the US Treasury to stop plans for a strategic crypto reserve, citing conflicts with Trump and unclear benefits\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/criptonizando.com\/en\/news\/treasury-to-halt-trumps-bitcoin-reserve-plansdemocrat-lawmaker-urges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Treasury to Halt Trump&#039;s Bitcoin Reserve Plans,Democrat Lawmaker Urges - 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