U.S. Democratic Rep. Connolly calls for a halt to Trump's BTC reserve plan, saying it has "no obvious benefit to the American people"

On March 14, Ibtimes reported that Representative Gerald Connolly, a Democrat from Virginia, is pressuring the U.S. Treasury Department to halt plans to build a strategic bitcoin reserve. In a letter to Treasury Secretary Scott Bestent, Connolly noted that Trump’s executive order had a “clear conflict of interest” and “no clear benefit to the American people.”

As a senior Democrat on the House Oversight and Government Reform Committee, Connolly questioned the need for a bitcoin reserve, noting that the U.S. has historically built a reserve of strategic value commodities through “congressional acts” rather than investing in volatile cryptocurrency markets. He also stressed that the reserve will benefit Trump and his family and allies, not American taxpayers.