Democratic Representative Gerald Connolly has called on the US Treasury to cease President Trump's plan to establish a strategic cryptocurrency reserve.
Cryptocurrency Reserve Initiative
Amidst political disputes, the initiative to create a strategic reserve with cryptocurrencies has sparked intense debate. President Trump signed an order to establish a reserve with Bitcoin and other cryptocurrencies, including Ethereum, XRP, Solana, and Cardano.
Conflict of Interest and Connolly's Role
Rep. Connolly claims that the initiative was not discussed with Congress and poses a significant risk by choosing winners among currencies. His connection with the TRUMP memecoin and World Liberty Financial further raises financial concerns regarding Trump's plan.
Future of the Cryptocurrency Reserve
There are concerns that the creation of a crypto reserve might undermine trust in the dollar. Trump's opponents see the initiative as non-transparent and primarily beneficial to the president and his associates, posing the risk of being overturned by future administrations.
The issue of establishing a US cryptocurrency reserve continues to be a point of contention, raising concerns among politicians and financiers about its long-term impact on the country's economy.
