Congressman Gerald E. Connolly, Ranking Member of the House Committee on Oversight and Government Reform, has urged the U.S. Department of Treasury to abandon plans for a strategic cryptocurrency reserve. In a letter to Treasury Secretary Scott Bessent, Connolly criticized President Donald Trump’s recent executive orders on the matter, arguing they would primarily benefit Trump and his associates.

“Such a reserve provides no discernible benefit to the American people but would significantly enrich the President and his donors,” the lawmaker claimed, adding:

It would also constitute unsound fiscal policy by picking winners among currencies via social media and wasting taxpayer dollars on a plan that one federal reserve official described as ‘the dumbest idea’ ever.

“I urge you to cease all attempts to create the strategic cryptocurrency reserve,” he stressed. Connolly expressed concerns over the lack of congressional consultation and questioned the legality of the initiative.

Trump recently signed an executive order establishing a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” aiming to position the United States as a leader in digital asset strategy. He also announced via Truth Social a crypto reserve that includes bitcoin (BTC), ethereum (ETH), XRP, Solana (SOL), and cardano (ADA). Connolly’s letter underscores that Trump has not sought congressional approval for the reserve, raising concerns about executive overreach.

Connolly also highlighted Trump’s financial interests, noting his significant stake in World Liberty Financial, a cryptocurrency firm aiming to function as a digital asset bank, and his involvement in the TRUMP memecoin, which has reportedly generated $100 million in trading fees. He concluded:

The creation of a strategic cryptocurrency reserve is poised to enrich the President and his closest allies at the expense of American taxpayers. I urge you to cease all plans to create a strategic cryptocurrency reserve.

He asked the Treasury to brief the Committee on Oversight and Government Reform staff and requested a response by March 27.

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