- Rep. Connolly waves a metaphorical red flag at Sec. Bessent’s crypto shenanigans
- He’s got a theory: the rich get richer, and the poor get…cryptocurrency?!
In a move that would make any Discworld character chuckle, U.S. Representative Gerald Connolly has taken up arms against the notion of a strategic Bitcoin [BTC] reserve. In a letter that could double as a spell for revealing hidden gold, he pointed a finger at the President and his cronies, suggesting that this crypto reserve would be less about national security and more about lining certain pockets.
“Imagine a reserve that’s not for the people, but for the President’s posse. Not on my watch, says I!”
Bitcoin Reserves: A Plot as Twisty as the Luggage’s Legs
Connolly, who also happens to be a top dog on the Committee on Oversight and Government Reforms (COGC), pointed out that Congress has historically been in the business of creating reserves for useful things, like oil. But a reserve for something as flighty as Bitcoin? That’s like trying to catch a greased pig at a county fair.
He’s not sold on the “volatile, cryptocurrency market” being a sound investment for the folks who actually pay taxes. After all, the last thing you want is your nest egg turning into a digital goose that lays no eggs.
And let’s not forget the President’s own ties to the cryptoverse, including a certain TRUMP memecoin and a family tree that’s got more branches in the DeFi forest than you can shake a stick at. Plus, there’s Elon Musk and his merry band of DOGE warriors, influencing the SEC like it’s their own personal chess game.
Oh, and then there’s David Sacks, the President’s crypto czar, who’s supposed to have sold all his crypto but still has a foot in the digital asset investing door.
“Sacks may have sold his crypto, but his heart – and wallet – are still in the game, it seems.”
Despite Sacks being off the ethics hook, the White House insists he’s divested from Craft Ventures and other crypto tomfoolery. But in this game of he-said, she-said, who can really tell?
In an attempt to shed light on the potential shenanigans, Connolly has asked Sec. Bessent for a pile of documents that might just reveal the truth behind the crypto curtain. Meanwhile, Senator Cynthia Lummis is trying to wrap this whole Bitcoin reserve idea in a nice, legal bow with the Bitcoin Act. Because what’s a reserve without a bit of law to keep it in check?
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2025-03-15 10:18