Democratic Representative Gerald E. Connolly has urged the US Treasury to abandon plans for a national cryptocurrency reserve.
In a letter to Treasury Secretary Scott Bessent on March 13, Connolly called for an immediate halt to the initiative, arguing that it serves no public benefit and could financially benefit President Donald Trump and his allies.
Connolly also raised concerns about how the Strategic Bitcoin Reserve and the Digital Asset Stockpile were being handled, pointing out that the proposal could lead to favoritism toward certain cryptocurrencies.
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He noted that the Federal Reserve had already dismissed the idea as unnecessary and risky, and he questioned why taxpayer money should be directed toward such a volatile market.
Connolly argued that this approach would effectively act as a safety net for Bitcoin
$84,095.79
investors, ensuring government intervention if prices dropped.
The White House announced on March 7 that the Digital Asset Stockpile would only consist of previously forfeited cryptocurrencies and that any purchases for the Bitcoin reserve would follow “budget-neutral strategies” to prevent additional costs for taxpayers.
However, Connolly remained skeptical and requested that Bessent provide all relevant documents and communications related to the initiative. He also sought a list of companies in which the Treasury has financial ties to crypto.
Meanwhile, Anthony Pompliano, CEO of Professional Capital Management, suggested that the Trump administration might be intentionally causing stock market drops. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
