U.S. Democratic Congressman Connolly calls for halting Trump's Bitcoin reserve plan, stating it "provides no obvious benefits to the American people."

ChainCatcher news, according to the International Business Times, U.S. Representative Gerald Connolly, a Democrat from Virginia, is pressuring the U.S. Treasury to halt plans to establish a strategic Bitcoin reserve. In a letter to Treasury Secretary Scott Bessent, Connolly pointed out that the plan, issued by Trump through an executive order, has "obvious conflicts of interest" and provides "no clear benefit to the American people."

As a senior Democrat on the House Oversight and Government Reform Committee, Connolly questioned the necessity of establishing a Bitcoin reserve, noting that the U.S. has historically created strategic commodity reserves through "congressional legislation" rather than investing in the highly volatile cryptocurrency market. He also emphasized that the reserve would benefit Trump and his family and allies, rather than American taxpayers.