According to BlockBeats, U.S. Democratic Representative Gerald Connolly has called on the Treasury Department to cease the establishment of a strategic cryptocurrency reserve, accusing the Trump administration of conflicts of interest in the initiative. In a letter sent to the Treasury this Thursday, Connolly highlighted that U.S. President Donald Trump advanced the reserve plan without consulting Congress or seeking authorization. He warned that the move could benefit Trump and his allies at the expense of American taxpayers.
Connolly demanded that the Treasury immediately halt all related plans and provide a detailed list of measures and safeguards implemented by the Trump administration to prevent conflicts of interest by March 27.
He further pointed out Trump's involvement in several cryptocurrency projects, which he claims present clear conflicts of interest. Among these is the DeFi project World Liberty Financial (WLFI), which Trump supported last year. As of now, the Treasury Department has not responded to these allegations.
