U.S. Congressman Calls on Treasury Department to Abolish President Trump's Plan to Stockpile Bitcoin

On the 13th (local time), The Block reported that Gerald Connolly, the Democratic chairman of the House Oversight and Reform Committee,
Senator Connolly has officially called on the Treasury Department to halt President Donald Trump's plan for a national strategic bitcoin stockpile.
In a letter sent to the Treasury Department on the same day, Senator Connolly pointed out that President Trump is unilaterally promoting a strategic cryptocurrency stockpile without Congressional approval, and called for immediate action.
They also alleged that President Trump's involvement in certain cryptocurrency projects could pose a conflict of interest, including Trump's own meme coin,
"The strategic cryptocurrency stockpile plan will bring huge benefits to the president and his associates, while also undermining the U.S.
"The proposed plan could cause harm to the nation's taxpayers. Therefore, we request that the Treasury Department immediately halt the plan and provide a briefing to the staff of the Government Oversight and Reform Committee on this matter."
"We demand that the Treasury Department take appropriate measures to resolve the conflict of interest issue," he said. The Treasury Department reportedly did not immediately clarify its official position on the matter.
The Treasury Department has been asked to provide specific details about whether there are safeguards in place to protect against this. It has also asked the Treasury Department to respond to the relevant questions by March 27, stating that the Trump administration is not acting for personal gain.
He emphasized that a thorough investigation is needed to determine whether to promote cryptocurrency policies.