US Congressman: Trump seeks to enrich himself by creating Bitcoin reserves

Gerald Connolly, a Democratic member of the US House of Representatives, has called on the Treasury Department to immediately halt its efforts to create a strategic reserve of the digital currency.

US Representative Gerald Connolly has asked the Treasury Department to stop creating a Bitcoin reserve. Connolly, a Democrat, thinks Donald Trump wants to get rich from this plan. He believes Trump's executive order is a conflict of interest.

The executive order plans to create a federal Bitcoin reserve of 200,000 Bitcoins. It also wants to establish a group to manage seized digital money. Connolly sent a letter to the Treasury Secretary, explaining his concerns. He thinks Trump's interests in crypto firms, such as the TRUMP meme coin, could lead to personal profit. This gain would come at the expense of taxpayers.

Concerns arise from the lack of approval from Congress. Typically, major financial plans need congressional agreement. This safeguard ensures public money is spent wisely and fairly. Without it, the Bitcoin reserve could be misused. It might favor Trump's financial interests.

Creating a large Bitcoin reserve raises questions. The value of Bitcoin can change a lot. This volatility means the reserve's worth could drop fast. Also, managing seized digital assets is complex. It needs special skills to avoid losing or stealing money. Connolly wants the Treasury Department to think about these dangers. He wants them to stop the plan until Congress can review it. He thinks it is vital to protect taxpayer money.

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