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Title: Democrat Lawmaker Calls on Treasury to Abandon Trump’s Bitcoin Reserve Plans
A prominent Democrat lawmaker has called on the US Treasury Department to scrap President Donald Trump’s proposal to hold a Bitcoin reserve. The request comes amidst ongoing controversy surrounding the cryptocurrency and its potential impact on the global financial system.
In an official statement, Rep. Ted Lieu (D-Calif.) urged the Treasury Department to abandon Trump’s plan to create a $10 billion Bitcoin reserve, citing concerns over the risks associated with holding digital assets like Bitcoin.
“I strongly urge the US Treasury Department to reject President Trump’s proposal to hold a Bitcoin reserve,” Lieu said in the statement. “The last thing we need is for our government to invest in a highly volatile and unpredictable asset class that can be manipulated by bad actors.”
Lieu’s move follows reports of Trump administration officials quietly discussing the potential creation of a $10 billion Bitcoin reserve, which has sparked widespread criticism from financial experts and lawmakers alike.
“We must prioritize financial stability and protect the US economy from threats like cryptocurrency manipulation,” Lieu emphasized. “It is our responsibility as public servants to ensure that any investment made by the Treasury Department aligns with the best interests of the American people.”
The move comes at a time when there has been growing skepticism about Bitcoin’s potential impact on global financial markets. Some experts have raised concerns over the cryptocurrency’s highly volatile nature and the potential for market manipulation.
“We cannot afford to play with fire in the digital currency space,” Lieu continued. “It is essential that we take a more cautious approach, investing in assets that are stable and secure.”
Lieu’s statement has sparked heated debate on social media platforms, with many cryptocurrency enthusiasts pushing back against his proposal.
Source: CryptoSlate
Source: https://cryptoslate.com/democrat-lawmaker-calls-on-treasury-to-abandon-trumps-bitcoin-reserve-plans/
