A Virginia congressman is calling foul on President Trump’s plan to create a government Bitcoin reserve. He says it’s a blatant attempt to line the pockets of Trump and his cronies.
Conflict of Interest?
Rep. Gerald Connolly fired off a letter to Treasury Secretary Scott Bessent, demanding a halt to the plan. Connolly claims the whole thing is designed to enrich Trump and his inner circle at the expense of American taxpayers.
The Trump Family’s Crypto Connections
Connolly points to the Trump family’s involvement in cryptocurrency ventures, specifically mentioning their stake in World Liberty Financial, a company described as a digital asset bank. He also highlights the Trump sons’ promotion of various cryptocurrencies and the President’s own launch of a meme coin called “TRUMP,” which reportedly generated $100 million in trading fees.
A Bad Investment for Taxpayers?
Connolly argues that the proposed Bitcoin reserve is a terrible idea financially. He criticizes the plan’s reliance on social media to select which cryptocurrencies to invest in, calling it a waste of taxpayer money. He also points out that there’s no strategic need for the US government to invest in the volatile crypto market, and that the plan essentially amounts to a taxpayer-funded bailout for the crypto industry should it crash. One federal reserve official even called it “the dumbest idea ever.” Connolly concludes that the reserve offers no benefit to the American people.
