Gerald Conolly, a U.S. lawmaker opposed the Trump’s Bit Reserve. Undoubtedly, from the content in his writing to the U.S. Treasury department he wants the Trump administration prevented from proceeding with the signed Bitcoin Reserve proposal.
From his own perception, he believes it is a conflict of interest with US President Donald Trump. The Democrat lawmaker told the Treasury Department that the proposed Reserve would not benefit the people of the U.S. He stated that there is no perceivable provision of benefit to Americans” in the Bitcoin Reserve but would significantly enrich Trump and his donors.
In his incisive letter, the Congressman couldn’t distinguish between the Strategic Bit Reserve and the Digital Asset Stockpile idea of Trump. Additionally, he said the Bit Reserve proposal constitutes an unstable financial policy as it comprises a few coins selected based on social media trends. According to Connolly, the strategy proposed by the White House is a crazy idea. In his letter, he said:
Conflict of Interest (towards Bit Reserve)
According to his writing, the congressman asked to brief the Committees of the White House on Oversight and Government Reform. He also requested a formal response by March 27. His views highlight the potential for an ominous legal and political battle that might determine the trajectory of the Bitcoin Reserve proposal and the future of President Donald Trump’s crypto initiatives.
Furthermore, Gerald Connolly also alleged the probability of conflict of interest between President Trump’s official duties in the House alleging to own the crypto platform called World Liberty Financial, in addition to the Official Trump (TRUMP) meme coin.
“Creating a strategic cryptocurrency reserve is poised to enrich the President and his closest allies at the expense of American taxpayers. I urge you to cease all plans to create a strategic cryptocurrency reserve.
US President Donald Trump recently signed an executive order establishing a “Strategic Bitcoin Reserve”. U.S.A. Donald Trump Signs an Establishment For Strategic Bitcoin Reserve and a “Digital Asset Stockpile,”. In line with his campaign promise of making America the crypto capital of the world. Writing on his Truth Social page, Trump revealed that it would include Bitcoin, Ethereum, XRP, Solana, and Cardano.
