Democratic lawmakers demand that the Treasury Department halt the strategic reserve of cryptocurrencies, accusing Trump of having a conflict of interest

BlockBeats News: On March 14th, Democratic Congressman Gerald Connolly called on the Treasury Department to stop building strategic cryptocurrency reserves and accused the Trump administration of having a conflict of interest in the plan. In a letter to the Treasury Department on Thursday, Connolly pointed out that Trump did not consult Congress or seek authorization when pushing for the reserve plan, and warned that the measure could benefit Trump and his allies and harm the interests of American taxpayers. He demanded that the Treasury Department immediately cease all related plans and provide a detailed list of measures and protection mechanisms taken by the Trump administration to avoid conflicts of interest before March 27th. Connolly also pointed out that Trump is involved in multiple encryption projects and there are clear conflicts of interest. This includes the DeFi project World Liberty Financial (WLFI) that he supported last year, whose cryptocurrency holdings have dropped from $380 million to $76 million and are still selling its tokens. In addition, Trump and First Lady Melania's introduction of TRUMP and MELANIA memecoin has further raised market doubts. At present, the Ministry of Finance has not responded to this.