TechFlow news — On March 14, according to Ibtimes, U.S. Representative Gerald Connolly, a Democrat from Virginia, is pressuring the U.S. Treasury Department to halt plans to establish a strategic Bitcoin reserve. In a letter to Treasury Secretary Scott Bessent, Connolly stated that this initiative, launched by executive order under Trump, presents an "obvious conflict of interest" and offers "no clear benefit to the American people."
As the senior Democrat on the House Committee on Oversight and Government Reform, Connolly questioned the necessity of creating such a Bitcoin reserve, noting that the U.S. has historically established strategic reserves of valuable commodities through "acts of Congress," rather than investing in highly volatile cryptocurrency markets. He also emphasized that this reserve would primarily benefit Trump, his family, and allies—not American taxpayers.
