President Trump's initiative to establish a strategic reserve of digital currencies has hit major hurdles due to the necessity of securing Congressional approval for funding. Enthusiastic market reactions caused crypto prices to initially surge following his announcement, but they plummeted as the reality set in: spending taxpayer money on cryptocurrencies is a complex legislative issue. With the U.S. facing a $2 trillion deficit and $37 trillion debt, even GOP support for this proposal seems unlikely. Trump's team is exploring alternative funding routes, such as utilizing seized cryptocurrencies from criminal activity that the government could repurpose for this reserve.
The president just can't spend taxpayer money to buy digital assets; he needs Congress's approval for new spending plans, which is a significant hurdle.
With a $2 trillion deficit and $37 trillion in debt, it would be near impossible for even GOP lawmakers to approve using general revenues to fund a crypto reserve.
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