On March 14, COINOTAG News reported that U.S. Democratic Representative Gerald Connolly urged the Treasury Department to halt the establishment of a strategic cryptocurrency reserve. Connolly raised concerns regarding the potential conflicts of interest stemming from the Trump administration’s involvement in such a plan. In a formal letter, he highlighted that the Trump administration bypassed necessary congressional consultation regarding the reserve’s implementation, raising alarms about possible benefits for Trump and his associates at the expense of American taxpayers.
Connolly’s request is for the Treasury to immediately suspend any ongoing initiatives and provide a comprehensive account of measures previously undertaken to prevent conflicts of interest. Notably, he pointed out Trump’s active participation in several cryptocurrency ventures, including his endorsement of the decentralized finance project World Liberty Financial (WLFI), which has suffered a significant decline in asset value, plummeting from $380 million to $76 million. Moreover, the introduction of TRUMP and MELANIA memecoins has intensified market scrutiny amidst these developments. As of now, the Treasury Department has yet to issue a response.