U.S. Lawmaker Criticizes Trump's Bitcoin Stockpile Plan as "Waste of Tax Money"

# Congressman Criticizes Trump’s Digital Asset Reserve Plan as Reckless and Wasteful A U.S. Congressman has criticized former President Donald Trump’s plan to establish a digital asset reserve, describing it as a reckless scheme that wastes taxpayers' money while enriching the president and his associates. According to a report by news.bitcoin.com on the 13th (local time), Gerald E. Connolly, Ranking Member of the U.S. House Committee on Oversight and Reform, has written a letter to Treasury Secretary Scott Vessent, urging the halt of the strategic digital asset reserve plan. Connolly argues that Trump’s recently announced executive order related to this plan provides no benefit to the American public and instead serves to enrich the president and his supporters. Connolly stated, "The reserve of digital assets constitutes an unhealthy fiscal policy choice, wasting taxpayer money on what a Federal Reserve official described as the 'most foolish idea,'” and he emphasized, “I urge the cessation of any attempts to establish a strategic digital asset reserve." Recently, Trump signed an executive order to establish a ‘strategic Bitcoin reserve’ and a ‘digital asset reserve,’ aiming to lead the United States as a front-runner in digital asset strategy. He has also announced through social media the inclusion of Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) in the digital asset reserve. Connolly has pointed out that Trump did not seek congressional approval for the reserve plan, raising concerns about executive overreach. Additionally, Connolly highlighted Trump’s economic interests, noting that Trump holds significant stakes in World Liberty Financial, a company aiming to act as a digital asset bank, and has been involved with the TRUMP meme coin, which reportedly earned about $100 million in transaction fees. He reiterated, “The establishment of a strategic digital asset reserve will enrich the president and his associates at the expense of American taxpayers,” and once again called for the termination of all plans to create the strategic digital asset reserve. Meanwhile, Connolly has requested a briefing for the Oversight and Reform Committee staff from the Treasury and has demanded a response by the 27th.