Senior Democrats are pressuring the Treasury Department to halt Trump's strategic Bitcoin reserve plan

ChainCatcher News, House Oversight and Government Reform Committee Democratic leader Gerald Connolly urged the U.S. Treasury to halt plans to create a strategic cryptocurrency reserve, following President Donald Trump's pursuit of establishing a national Bitcoin reserve and personal cryptocurrency reserves.

On Thursday, the Virginia Democrat pointed out in a letter to the Treasury that Trump's push for a reserve presents a "clear conflict of interest." Gerald Connolly stated that Trump did not consult Congress and did not "seek congressional authorization" to establish the reserve. The letter stated, "Establishing a strategic cryptocurrency reserve would come at the expense of American taxpayers, enriching the president and his closest allies. I urge you to stop all plans to establish a strategic cryptocurrency reserve and request a briefing for the staff of the Oversight and Government Reform Committee."