One of the democratic legislators called for the US Treasury to “stop all attempts” to create a strategic coding reserve in the United States, pointing to conflicting interests with US President Donald Trump and argued that the store will not benefit the American people.
House representative Gerald E. Konoli from Michigan criticize “Cracks reserves” in a letter on March 13 to Treasury Secretary Scott Payette, saying that it provides “no noticeable benefit to the American people”, and instead enriches the president and the donors significantly.
Konoli, who did not distinguish between the strategic bitcoin reserves and the inventory of digital assets, said that Trump's plans will constitute a “improper fiscal policy” because it chooses some currencies encrypted to others through social media.
Honoli said that the Trump administration plan would also waste taxpayer dollars in what the Federal Reserve described as “the most ever.”
“No strategic need would require investing in the volatile and speculative cryptocurrency market,” Conely, Democrat at the Government Supervision and Reform Board Committee, He said In the message.
“(It is) nothing more than just a hedge supported by the tax supporters supported by speculative to provide Bitcoin's speculators that when the accident comes, the state will publish this box to save it.”
The message of democracy, Gerald E Honuli, to Treasury Secretary Scott Payette. source: The American Committee for Control and Reform of the Democrats
However, the White House said that the stock of digital assets will only stick to the currency already encrypted. At the same time, the Bitcoin (BTC) will only be acquired through neutral budget strategies that will not affect taxpayers.
Honoli also said that Trump failed to consult Congress on Bitcoin Reserve Plan, not to mention obtaining permission from Congress to create it.
Honoli has also claimed that there is conflict of interests between Trump's presidential duties and the ownership of the Trump organization of the global encryption platform Liberty Financial, as well as the official Memecoin Trump (Trump).
Democrat referred to the Trump symbol as “the seizure of funds”, which allowed Trump associated entities to take advantage of the commercial fees of more than $ 100 million.
Konoli added that this is called “a rich, more profitable scheme so far.”
Related to: Bitcoin reserves may end a “strong political weapon” – Arthur Hayes
Actor Maxine Waters, a democratic of the Financial Services Committee of the House of Representatives, criticized Mimcoin Trump on January 20, referring to carpet carpets while demanding operation represents the “worst encryption”.
The Bessolie asked for the provision of documents and communications related to the creation of Bitcoin reserves and a full list of steps taken by the Trump administration to avoid conflicts of interests.
Honoli also requested a list of companies with the treasury with financial interests related to encryption. He also asked:
“Did the presidential work group in the digital asset markets, which have been assigned, have developed a federal regulatory framework for coded currency reserve rule, reviewed financial disclosures by administration officials, including, but not limited to Elon Musk?”
Bitcoin strategic reserves will initially be used, the cryptocurrency is designed in federal criminal or civil cases. Meanwhile, the stock of digital assets will consist of encrypted currencies other than bitcoin, which can include XRP (XRP), Solana (Sol), Cardano (ADA) and Ether (ETH).
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