According to ChainCatcher news, Gerald Connolly, the Democratic leader of the House Oversight and Government Reform Committee, urged the U.S. Treasury Department to stop the plan to create a strategic cryptocurrency reserve, after former President Donald Trump pursued the establishment of a national Bitcoin reserve and a personal cryptocurrency reserve.
On Thursday, the Virginia Democratic congressman, in a letter to the Treasury Department, pointed out that Trump's push to set up the reserve fund poses an "obvious conflict of interest." Gerald Connolly stated that Trump did not consult Congress and did not "seek congressional authorization" to establish the reserve fund. The letter stated: "Establishing a strategic cryptocurrency reserve will enrich the president and his closest allies at the expense of American taxpayers. I urge the cessation of all plans to establish a strategic cryptocurrency reserve and request a briefing to the Oversight and Government Reform Committee staff."
