American Congressman Gerald Connolly criticized Donald Trump's initiative to create a cryptocurrency reserve. In a letter to Treasury Secretary Scott Bessent, he emphasized that Congress did not authorize this project, and the reserve would only benefit Trump and his associates.
Connolly believes that this initiative is an unfounded monetary policy where the president chooses winners among currencies through social media. He pointed out that taxpayers could face serious financial risks, as the crypto reserve would effectively become a hedge fund supporting the crypto market in case of its collapse.
Special attention in the letter is given to the company World Liberty Financial, associated with Trump. It is positioned as a digital bank offering crypto lending services and investments in digital assets. Connolly is concerned about a conflict of interest, as Trump owns a significant stake in the company and could profit from rising cryptocurrency prices.
Additionally, the congressman condemned the popular memecoin TRUMP, which, according to him, has no real value and is used for speculation. It is estimated that Trump-related organizations have already earned up to $100 million just from trading fees.
Congresswoman Maxine Waters also joined the criticism of Trump, stating that the crypto reserve is a project created solely for the enrichment of the former president and his associates.