Senator Elizabeth Warren Writes to ‘Crypto Czar’ David Sacks, Requests Transparency with Bitcoin Reserve ⋆ ZyCrypto
The post Senator Elizabeth Warren Writes to ‘Crypto Czar’ David Sacks, Requests Transparency with Bitcoin Reserve ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Elizabeth Warren, a Democratic senator, wrote a letter to David Sacks, Trump’s crypto advisor, raising questions about how fair the new crypto reserve would be, including the five cryptocurrencies being promoted alongside it. She argues that publicity of the new reserve may boost prices for people already holding the token, thus making wealthy people more wealthy and enriching insiders who knew about the crypto policies in advance. Warren, a ranking member of the Senate’s Banking Committee, asked David Sacks whether he disclosed any financial holdings with the Office of Government Ethics. She further wanted to know whether he had any holdings in the cryptos included in the reserve or the digital asset holdings. “I write today to request information about how you, as President Trump’s ‘Crypto Czar,’ have addressed your conflicts of interest, and how you will prevent the President and other private individuals from directly profiting off of the Trump Administration’s efforts to selectively pump the value of certain crypto assets, drop crypto asset-related enforcement actions, and deregulate the crypto asset industry”. There is still a lot of ambiguity about the nature of a Bitcoin reserve. The reserve itself will only include Bitcoin, but there will exist a separate fund for other currencies. Bitcoin and other cryptocurrencies will be taken from seized assets held by federal authorities. “These actions have the potential to benefit billionaire investors, Trump Administration insiders, and speculators at the expense of middle-class families”, wrote Warren in her letter to David Sacks. Advertisement   “The planned Crypto Strategic Reserve is just the most recent example of a Trump Administration crypto policy with the potential to benefit a wealthy, well-connected few at the expense of taxpayers”. “Just last week, for example, the Securities and Exchange Commission (SEC), chaired by Mark Uyeda, who was chosen…
Filed under: News - @ March 9, 2025 2:29 pm