Democratic Lawmakers Call on Treasury Department to Halt Cryptocurrency Strategic Reserve, Alleging Conflict of Interest Involving Trump

BlockBeats News, March 14th: U.S. Democratic Congressman Gerald Connolly called on the Treasury Department to stop establishing a strategic cryptocurrency reserve, alleging that the Trump administration had a conflict of interest in the plan. In a letter to the Treasury Department this Thursday, Connolly pointed out that Trump did not consult Congress or seek authorization when promoting the reserve plan, and warned that the move could benefit Trump and his allies at the expense of American taxpayers. He requested the Treasury Department to immediately halt all related plans and provide a detailed list of measures taken by the Trump administration to avoid conflicts of interest and relevant safeguards by March 27th.

Connolly also noted that Trump was involved in multiple cryptocurrency projects, leading to evident conflicts of interest. This includes his support last year for the DeFi project World Liberty Financial (WLFI), whose crypto assets have dropped from $380 million to $76 million and is still selling its tokens. Furthermore, the TRUMP and MELANIA memecoins launched by Trump and First Lady Melania have further raised market doubts. Currently, the Treasury Department has not responded to this.