A Democrat lawmaker has called on the US Treasury to prevent the Trump administration from pursuing a cryptocurrency reserve, citing potential conflicts of interest and the lack of benefits to the American people. House Representative Gerald E. Connolly expressed concern in a letter to Treasury Secretary Scott Bessent that the proposed strategic crypto reserve would primarily enrich Trump and his supporters, while being labeled as “unsound fiscal policy.” Connolly criticized the volatility of the cryptocurrency market, stating there is no strategic need for such investments and highlighted Trump’s alleged failure to consult Congress on the matter. The White House, however, claims that the reserve will only include forfeited cryptocurrencies and will not impact taxpayers. Connolly is demanding documentation related to the Bitcoin reserve, including financial disclosures from administration officials. The reserve may also involve cryptocurrencies other than Bitcoin, such as XRP and Ethereum, further questioning its strategic purpose and potential conflicts of interest, especially regarding Trump's ownership in related businesses.

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