TechFlow news, March 14 — According to The Block, Gerald Connolly, senior Democratic member of the U.S. House Committee on Oversight and Government Reform, sent a letter to the Treasury Department on Thursday calling for an immediate halt to plans to establish a strategic cryptocurrency reserve. Connolly highlighted "clear conflicts of interest" surrounding former President Trump's advocacy for a national Bitcoin reserve.
In his letter, Connolly stated that Trump pursued the creation of such a reserve without consulting Congress or seeking congressional authorization. He warned, "Establishing a strategic cryptocurrency reserve would allow the president and his close allies to profit at the expense of American taxpayers." Connolly urged the Treasury to cease all related initiatives and requested a briefing from the department to the Oversight Committee.
Connolly also pointed to potential conflicts of interest arising from Trump’s involvement in specific crypto ventures, including the World Liberty Financial crypto project backed by Trump and the TRUMP meme coin he launched. The congressman demanded that the Treasury provide a list of steps taken by the Trump administration to address these conflicts of interest and required a response by March 27.
