Top U.S. Democrats Pressure Treasury to Halt Trump's Strategic Bitcoin Reserve Plan

Gerald Connolly, the Democratic leader of the US House of Representatives Oversight and Government Reform Committee, has urged the US Treasury Department to halt plans to create a strategic cryptocurrency reserve after President Donald Trump pursued the creation of a national bitcoin reserve and a personal cryptocurrency reserve. In a letter to the Treasury Department on Thursday, the Virginia Democratic lawmaker noted that Trump's push to create the reserve presents a ‘clear conflict of interest. “Gerald Connolly said Trump did not consult with Congress and did not ”seek congressional authorisation ‘to create the reserve. The letter says: ‘Establishing a strategic cryptocurrency reserve would enrich the President and his closest allies at the expense of the American taxpayer. I urge a halt to all plans to create a Strategic Cryptocurrency Reserve and request that a briefing be provided to the staff of the Committee on Oversight and Government Reform.’