14-3-2025 – A senior Democrat legislator has mounted fierce opposition to a controversial cryptocurrency initiative championed by former President Donald Trump.
The ranking Democrat on the House Oversight Committee, Representative Gerald Connolly, has penned a forceful missive to Treasury chief Janet Yellen, urging the immediate cessation of plans to establish what has been dubbed a strategic cryptocurrency stockpile.
At the heart of the controversy lies Trump’s executive directive to create a national bitcoin repository, utilising digital assets previously seized through legal channels. The scheme, which would not require fresh cryptocurrency acquisitions, has drawn sharp criticism for its apparent circumvention of parliamentary oversight.
Particularly troubling for critics is Trump’s substantial footprint in the cryptocurrency landscape. His creation of the TRUMP memecoin, coupled with his involvement in the World Liberty Financial DeFi venture, has sparked intense debate about potential conflicts of interest. The latter initiative, despite experiencing significant value depreciation, maintains substantial digital holdings whilst actively pursuing token sales.
The matter has taken on added urgency with Connolly demanding Treasury officials provide a comprehensive briefing by 27 March regarding measures implemented to address these ethical concerns. The congressman’s intervention specifically challenges the administration’s unilateral approach, noting the conspicuous absence of legislative consultation in advancing this unprecedented monetary initiative.
