Democratic Representative Gerald E. Connolly has urged the US Treasury to abandon plans for a national cryptocurrency reserve.
In a letter to Treasury Secretary Scott Bessent on March 13, Connolly called for an immediate halt to the initiative, arguing that it serves no public benefit and could financially benefit President Donald Trump and his allies.
Connolly also raised concerns about how the Strategic Bitcoin Reserve and the Digital Asset Stockpile were being handled, pointing out that the proposal could lead to favoritism toward certain cryptocurrencies.
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He noted that the Federal Reserve had already dismissed the idea as unnecessary and risky, and he questioned why taxpayer money should be directed toward such a volatile market.
Connolly argued that this approach would effectively act as a safety net for Bitcoin
The White House announced on March 7 that the Digital Asset Stockpile would only consist of previously forfeited cryptocurrencies and that any purchases for the Bitcoin reserve would follow “budget-neutral strategies” to prevent additional costs for taxpayers.
However, Connolly remained skeptical and requested that Bessent provide all relevant documents and communications related to the initiative. He also sought a list of companies in which the Treasury has financial ties to crypto.
Meanwhile, Anthony Pompliano, CEO of Professional Capital Management, suggested that the Trump administration might be intentionally causing stock market drops. How? Read the full story.
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