- VS Reprectatief Conolly has urged Besent Secretary to stop BTC reserve plans
- Connolly believes that the crypto reserves will ‘enrich’ the allies of the president, no taxpayers
American representative Gerald Connolly has encouraged the American Minister of Finance Scott Bessent to stop attempts to create a strategic Bitcoin [BTC] to book. He also mentioned a conflict of interest between President Trump and his allies. The letter from the legislator to Bessent read”
“The establishment of a strategic cryptocurrency reserve is ready to enrich the president and his Nigger allies at the expense of American taxpayers. I urge you to stop all the plans to create a strategic cryptocurrency reserve. “
Bitcoin -Reserves and transparency
The legislator acts as a ranking of the Committee for Supervision and Government Reforms (COGC). He noted that the congress created earlier reserves for raw materials with strategic value, such as petroleum, which could be used during an economic crisis.
However, he sees no value in the ‘volatile, cryptocurrency market’, adding that it would be a ‘bad deal’ for taxpayers.
Connolly mentioned the official Trump Memecoin and the family ties of the president to the Defi platform World Liberity Financial as likely examples of conflicts of interest. He also excluded the umbrella influence of Elon Musk, via Doge, on important agencies such as the Securities and Exchange Commission (SEC) and his earlier promotion of Dogecoin.
In fact, he also claimed that President Trump’s AI and Crypto Czar, David Sacks, are still a partner at Craft Ventures – a digital investment company.
“Although … David Sacks, claims to have sold his cryptocurrency before he joined the administration, he remains a partner at Craft Ventures, investing in a cryptocurrency index fund manager with companies in BTC, ETH, XRP, Sol and Ada.”
Here it is worth noting that sacks is not an ethical review. And the White House has maintain That he has already divested traditional companies and other crypto investments.
To curb conflicts of interest among the president and his allies asked Connolly Secretary Bessent to provide important documents. These can be related to the creation of the crypto reserves and financial disclosures of members of the working group on digital asset markets.
Meanwhile, Senator has Cynthia Lummis re -introduced The Bitcoin Act to anchor the BTC reserves within a formal legal framework.