Top Democrat Urges Treasury To Halt Strategic Bitcoin Reserve Plan, Says It Will ”Enrich The President”
A top Democrat urged the US Treasury Department to halt the setting up of a Strategic Bitcoin Reserve by President Donald Trump, saying it will ”enrich the President and his donors.” “Such a reserve provides no discernible benefit to the American people,” wrote House Representative Gerald E. Connolly of Michigan in a March 13 letter to Treasury Secretary Scott Bessent. He added that the plan, called the ”dumbest idea ever” by a Federal Reserve official, would waste taxpayer dollars. Trump’s Strategic Bitcoin Reserve Would Lead To “Unsound Fiscal Policy” Connolly also warned in his letter to the Treasury that Trump’s plan could lead to “unsound fiscal policy” because it promotes certain cryptos over others on social media. This, according to the lawmaker, would benefit nobody other than existing Bitcoin and certain crypto holders, as well as the President himself. He also said that no need has arisen that ju...