Gerald E. Connolly, a Democrat, has urged the US Treasury to halt Trump’s proposed cryptocurrency reserve, arguing it serves Trump’s interests more than the American public’s. He describes this plan as fiscally unsound, criticizing the administration for potentially wasting taxpayer money.

Connolly highlights Trump’s connections to World Liberty Financial and the TRUMP memecoin, labeling it a “money grab”. He calls for greater transparency and accountability regarding any federal actions related to cryptocurrency reserves.

The proposal for a Strategic Bitcoin Reserve has raised additional concerns about possible manipulations in the cryptocurrency market. Connolly emphasized the lack of congressional involvement in the reserve’s planning, warning against using taxpayer funds in such speculative investments.