Democrats urge the Treasury to “stop all attempts” in the Bitcoin reserve plan for Trump on conflict concerns
US President Donald Trump’s reserve plans may face strong opposition from democratic lawmakers who are in conflict of interest and lack of public benefit.
in A message to Minister Scott BeesenAnd urged the democratic actor and representative of the House of Representatives Gerald E. Conney of Michigan, the American Treasury, to “stop all attempts” to create a strategic encryption reserve.
Bitcoin Reserve is “improper financial policy”
According to him, such an initiative provides “any clear benefit” to the public and can instead lined with Trump pockets and their pockets.
Konoli criticized the idea of Bitcoin as a “improper financial policy”, arbitrarily preferring some currencies encrypted to others.
He also repeated criticism from the Federal Reserve, which was reported to be the idea of ”the most mysterious ever.”
He said that there was no “strategy” that required investment of taxpayers taxes in the “volatile and speculative currency market”.
According to him, the Bitcoin Reserve will simply act as a government -backed safety network for Bitcoin speculators, which gives confirmation that “when the accident comes, the state will publish this fund to save it.”
Legionships also accused Trump of bypassing Congress to push the plan forward, and to question the lack of legislative approval of the Bitcoin Reserve.
He called for transparency from the cabinet, and asked for documents that separate how the administration intends to avoid conflicting interests, and asks:
Has the presidential working group regarding the digital assets markets, which were assigned to develop a federal regulatory framework for coded currency reserve rule, reviewed financial disclosures by administration officials, including but not limited to, Elon Musk?
Honoli also assumed a special problem with Trump’s involvement in the encryption space, pointing to a conflict of potential interests.
He criticized the relations of Trump with the international Liberty Financial and Memecoin (Trump), which he described as a “seizure of money” that allowed Trump’s entities to take advantage of more than $ 100 million in trading fees.
Tax motivation funds have not been used
On March 6, President Donald Trump signed an executive thing that defines the Bitcoin Strategic Reserve and US Digital Asset Stock.
According to the matter, the government will establish all bitcoin currencies that have been seized through civil and criminal confiscation procedures permanently.
Beyond Bitcoin, the USD’s stock in the United States will complicate other cryptocurrencies.
However, unlike the strategic bitcoin reserves, these assets are not considered a strategy, which means that the government can still sell it if necessary.
However, unlike Connely’s fears, the White House insists that the strategic bitcoin reserves will not depend on taxpayers’ money.
The executive matter specifically directs the cabinet and trade sections to explore neutral budget strategies for future bitcoin acquisitions, which means that there is no spending on deficit, no taxes, and no additional financial burden on the public.
Besides Honoli, the other lawmakers, including Elizabeth Warren, were explicit in their opposition to the Trump approach in the encrypted currency, warning that government bitcoin backed bacterium can be used as a way to financial manipulation or to provide cover for illegal activity.
Democrats after the treasury urge to “stop all attempts” in the Bitcoin reserve plan for Trump due to the concerns of the conflict first on Invezz
