On March 14, U.S. Democratic Congressman Gerald Connolly called on the Treasury Department to stop establishing a strategic cryptocurrency reserve, and accused the Trump administration of having a conflict of interest in the plan. In a letter to the Treasury Department this Thursday, Connolly pointed out that Trump did not consult Congress or seek authorization when pushing for this reserve plan, and warned that the move could benefit Trump and his allies, harming the interests of American taxpayers. He demanded that the Treasury Department immediately halt all related plans and provide a detailed list by March 27 of the measures taken by the Trump administration to avoid conflicts of interest and the relevant protection mechanisms.

Connolly also pointed out that Trump is involved in multiple cryptocurrency projects, which clearly presents a conflict of interest. This includes the DeFi project World Liberty Financial (WLFI) that he supported last year, whose held cryptocurrency assets have fallen from $380 million to $76 million and are still selling its tokens. Furthermore, the TRUMP and MELANIA memecoin launched by Trump and First Lady Melania have further raised market doubts. So far, the Treasury Department has not responded to this.