Democrat Rep. Gerald E. Connolly is demanding that the US Treasury intervene in a political dispute over the Trump administration’s efforts to create a US crypto reserve. He sent a letter to Scott Bessent urging the Department to cease all attempts to create the crypto reserve.

The first-of-its-kind reserve will be anchored by a stash of Bitcoin the government already owns, estimated to be worth billions of dollars.

The bitcoin stockpile, which presumably will be the larger of the two, amounts to “a virtual Fort Knox for digital gold,” Trump said during a crypto summit at the White House earlier today. “‘Never sell your bitcoin.

Trump’s executive order establishes a Bitcoin reserve while relegating other cryptos to a stockpile. Market reaction, insider concerns, and policy implications unpacked.

The first five currencies that will be included in a U.S. strategic crypto reserve are Bitcoin, Ethereum, Ripple, Solana, and Cardano.

Some Bitcoiners also believe that a reserve could serve as a hedge against inflation. They point to the fact that the dollar has gotten less valuable over time, and argue that Bitcoin’s value could be stronger than the dollar’s during global economic crises.

House Oversight Democrats are encouraging President Trump to abandon his plans for a crypto reserve, calling it a strategy to enrich himself at taxpayer expense. The reserve, announced by Trump last week as both a strategic bitcoin reserve and “digital asset stockpile” for other forms of digital currency,