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International Business Times
International Business Times
Business
Marvie Basilan

Democrat Urges Treasury To Block Trump's Bitcoin Reserve, Blasts 'Get Rich Quick Scheme'

Donald Trump Bitcoin Gerald Connolly the Treasury Department Scott Bessent
Rep. Gerald Connolly of Virginia wants the Treasury Department to halt its plans to establish a strategic Bitcoin reserve. (Credit: Pexels)

KEY POINTS

  • Connolly said an SBR has 'no discernible benefit to the American people'
  • He also raised issue with who will benefit from the $BTC reserve
  • He mentioned that in the past, Trump himself called Bitcoin a 'scam'

A Virginia Democrat is pressuring the U.S. Treasury Department to halt plans to establish a strategic Bitcoin reserve after President Donald Trump ordered it to do so through an executive order, saying there were "glaring conflicts of interest" to be noted.

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