Can XRP Break Through Resistance as JetBolt's Presale Frenzy Grips Crypto Whales?

With bullish signals flashing and traders eyeing a potential push past $3, excitement is building around whether XRP can finally make its way to the elusive $5 mark.

In the ever-shifting realm of crypto, where bullish signals flash brightly and traders eye a potential push past $3, excitement is building around whether XRP can finally make its way to the elusive $5 mark. But as the market buzzes with anticipation, a new chapter is unfolding in the U.S., setting the stage for a critical political battle that could reshape the future of digital assets.

A Democratic lawmaker, Gerald E. Connolly, has penned a letter to U.S. Treasury Secretary Scott Bessent urging the department to block the Trump administration’s plans to establish a Bitcoin reserve. Connolly, a member of the U.S. Committee on Oversight and Government Reform, argued that the proposed Bitcoin reserve serves no public good and is instead an attempt to satisfy political and financial interests.

This intervention follows a proposal by the administration of former President Donald Trump in 2020 to create a Digital Asset Stockpile. The proposal, put forth by the administration’s Economic Security, Anti-trust and Competition in Technology and Data Commission, envisioned a fund to invest in and manage digital assets such as Bitcoin, Ethereum, Solana, and XRP. The proposal also suggested that the U.S. government could mint a stablecoin, becoming a major player in the rapidly evolving world of cryptocurrencies.

However, the initiative faced immediate opposition from Democratic lawmakers, who raised concerns about a lack of consultation with Congress and the potential for abuse of power.

“We are writing to express our serious concerns with the Trump administration’s proposal to grant the U.S. Treasury Department sweeping new authority to seize and manage a portfolio of the world’s leading cryptocurrencies,” wrote the lawmakers, led by U.S. Representative Ann K. DeNeropolis.

The lawmakers also criticized the administration for failing to engage with lawmakers on the proposal and for not providing sufficient details on how the Digital Asset Stockpile would be structured and managed.

“Despite the lack of consultation with Congress, the administration’s proposal quickly drew criticism from both Democratic and Republican lawmakers, signaling that there might not be bipartisan support for the initiative,” they said in the letter.

As the dust settles on 2023, the U.S. government is poised at a crossroads with implications for the entire crypto landscape.

After a period of relative quiet, a Democratic lawmaker is now pushing back against the Trump administration’s plans to establish a Bitcoin reserve, according to a report by The Block.

The initiative, which began in 2020 with a proposal for a Digital Asset Stockpile, has been met with mixed reactions from both sides of the aisle.

The proposal, put forth by the administration of former President Donald Trump and announced by the administration’s Economic Security, Anti-trust and Competition in Technology and Data Commission, envisioned a fund to invest in and manage digital assets such as Bitcoin, Ethereum, Solana, and XRP. The proposal also suggested that the U.S. government could mint a stablecoin, becoming a major player in the rapidly evolving world of cryptocurrencies.

However, the initiative faced immediate opposition from Democratic lawmakers, who raised concerns about a lack of consultation with Congress and the potential for abuse of power.

Excerpt from U.S. Representative Gerald E. Connolly’s letter to Treasury Secretary Scott Bessent regarding the Trump administration’s Bitcoin reserve plan. (Source: U.S. Committee on Oversight and Government Reform Democrats)

“We are writing to express our serious concerns with the Trump administration’s proposal to grant the U.S. Treasury Department sweeping new authority to seize and manage a portfolio of the world’s leading cryptocurrencies,” wrote the lawmakers, led by U.S. Representative Ann K. DeNeropolis.

The lawmakers, including U.S. Representative Gerald E. Connolly, also criticized the administration for failing to engage with lawmakers on the proposal and for not providing sufficient details on how the Digital Asset Stockpile would be structured and managed.

“Despite the lack of consultation with Congress, the administration’s proposal quickly drew criticism from both Democratic and Republican lawmakers, signaling that there might not be bipartisan support for the initiative,” they said in the letter.

The initiative was met with skepticism from Republican lawmakers, who questioned the need for such a large-scale intervention in the crypto market. Some Republican lawmakers also expressed concerns about the administration’s plans to seize and manage a portfolio of cryptocurrencies, arguing that it could lead to abuse of power and an erosion of individual rights.

Despite the bipartisan opposition, the Trump administration pressed ahead with its plans for a Bitcoin reserve, seeing it as a crucial component of the U.S.’s economic and technological strategy in a rapidly changing global landscape.

The Trump administration officials argued that the U.S. needed to be at the forefront of the digital asset revolution, given the growing