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"Creating a bitcoin reserve in the U.S. will enrich the president and his allies"

A Democratic congressman criticized the BTC treasury ordered by Donald Trump, saying it will affect taxpayers.

by Jesús Herrera March 15, 2025 Reading time: 4 minutes

Connolly's criticism adds to a growing debate about the role of cryptocurrencies in U.S. politics. Source: Grok.

Connolly's criticism adds to a growing debate about the role of cryptocurrencies in U.S. politics. Source: Grok.

Gerald Connolly urged the Secretary of the Treasury to cease the creation of the BTC reserve.

"The reserve does not provide any perceptible benefit to the American people," he stated.

A Democratic congressman criticized the creation of a strategic bitcoin (BTC) and cryptocurrency reserve in the United States, asserting that it will only benefit President Donald Trump and his close associates, while harming taxpayers.

Gerald E. Connolly, a senior member of the House Committee on Oversight and Government Reform, sent a letter to Treasury Secretary Scott Bessent, demanding that these plans be stopped.

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In the document, Connolly argued that the reserve, ordered by Trump on January 23 for cryptocurrencies in general and on March 6 exclusively for bitcoin, does not offer clear advantages to the American people.

In his letter, Connolly stated: "The creation of a strategic cryptocurrency reserve is set to enrich the president and his closest allies at the expense of American taxpayers. I urge you to cease all plans to create a strategic cryptocurrency reserve, and I request that you provide a briefing to the staff of the House Committee on Oversight and Government Reform."

The congressman pointed out that the measure, instead of strengthening the economy, could lead to fiscal losses and benefit a select group linked to the president.