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News

Democrats Push Treasury to Halt Trump’s Bitcoin Reserve Plan

2 mins mins
Key Points:

  • Main event, leadership changes, market impact, financial shifts, or expert insights.
  • Democrats oppose Trump’s Bitcoin reserve plan, citing conflict risks.
  • Market volatility observed; Bitcoin down 3.2% in 24h.

democrats-push-treasury-to-halt-trumps-bitcoin-reserve-plan
Democrats Push Treasury to Halt Trump’s Bitcoin Reserve Plan
Gerald Connolly, House Oversight Committee’s Ranking Member, calls on the Treasury to halt Trump’s Bitcoin reserve plan on March 13, citing conflicts of interest impacting taxpayers.

The event holds significance due to potential market disruptions and regulatory concerns, triggering increased Bitcoin price volatility.

Democrats Demand Halt to Trump’s Bitcoin Reserve

Democratic lawmakers, spearheaded by Representative Gerald Connolly, are challenging President Trump’s plan to establish a U.S. Bitcoin reserve. Connolly’s demand for Treasury intervention underscores growing concerns about potential conflicts of interest in the scheme.

I’ve sent a letter to @USTreasury demanding an immediate halt to Trump’s reckless crypto reserve scheme. This plan reeks of conflicts of interest and puts taxpayer money at risk.

Democrats believe taxpayer resources may be at risk, prompting calls for a reassessment of the framework. There are significant implications for future policy and governance landscapes if actions proceed unchecked.

Many in the cryptocurrency community are reacting strongly, with some emphasizing the financial market implications. Ethereum co-founder Vitalik Buterin has noted that a broader focus is essential to incorporate overall crypto ecosystem innovation, highlighting the potential impact of the reserve.

Bitcoin Dips 3.2% Amid Market Volatility

Bitcoin (BTC) is currently trading at $81,368.73, recording a decrease of 3.2% in the last 24 hours, according to TradingView data as of March 14, 2025. Over this period, Bitcoin’s price moved within a range between a low of $80,818.84 and a high of $84,392.41.

1D chart of BTC/USDT pair, screenshot on TradingView at 01:04 AM (UTC) on March 14, 2025.
1D chart of BTC/USDT pair, screenshot on TradingView at 01:04 AM (UTC) on March 14, 2025.

Analysts suggest Bitcoin’s volatility underscores similar past patterns seen in government-related crypto announcements, as evidenced by David Sacks’s observations:

Experts are voicing varied perspectives on this situation, noting potential changes in regulatory environments and financial system responses if the plan advances further. Historical trends point to global apprehension among investors regarding these large-scale interventions. Discussions continue to evolve as stakeholders analyze the fluctuating landscape.

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Avatar of John Kojo Kumi

John Kojo Kumi

14 March 2025, 00:30:10 GMT +0000

John Kojo Kumi is a cryptocurrency researcher and writer specializing in emerging startups, tokenomics, and market dynamics within the blockchain ecosystem. With years of experience in crypto journalism and blockchain research, he provides in-depth coverage of decentralized finance (DeFi), NFTs, and Web3 innovations.

He holds a Bachelor of Arts in Geography and Rural Development from Kwame Nkrumah University of Science and Technology, Kumasi, bringing a multidisciplinary perspective to the evolving digital asset space. As a Crypto News Writer, he tracks and reports on industry trends, while his role as a Registrar at the Commission on Human Rights and Administrative Justice reflects his commitment to governance and transparency.

His expertise spans content strategy, SEO optimization, and technical research, enabling him to craft insightful, data-driven analyses. Passionate about blockchain’s transformative potential, he strives to equip readers with the knowledge to navigate the complexities of digital assets and decentralized technologies.

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