PANews reported on March 14 that according to The Block, Gerald Connolly, a senior Democratic member of the U.S. House of Representatives Government Oversight and Reform Committee, wrote to the Treasury Department, demanding that the Trump administration stop its plan to establish a national Bitcoin reserve, accusing it of "obvious conflicts of interest." Connolly pointed out that Trump's promotion of the plan without congressional approval could benefit him and his allies while harming the interests of U.S. taxpayers.

As previously reported, U.S. House Democratic Representative Gerald Connolly called for an ethics investigation into Trump's crypto project .