Concerns Over Cryptocurrency, Theft, and Its Use in Hidden Payments and Bribery

I am writing to express concern about the potential dangers of cryptocurrencies, particularly the $TRUMP token and President Trump’s recent announcement of creating the United States’ first Strategic Cryptocurrency Reserve (SCR), which would include Bitcoin, Ethereum, XRP, Solana (SOL), and Cardano (ADA). While these digital assets may have investment value, they also pose significant risks, especially related to bribery, theft, and money laundering. Cryptocurrencies, like $TRUMP, offer a degree of pseudonymity that can enable hidden payments or bribes, especially through mixing services that obscure the source of funds. These transactions can evade traditional financial regulations, leading to potential misuse by individuals or foreign actors, who could fund campaigns or influence elections undetected. The announcement of a Strategic Cryptocurrency Reserve (SCR) raises significant concerns about foreign influence, as cryptocurrencies can be used by adversaries to funnel money into the U.S. political system without detection. Trump’s involvement in the cryptocurrency market, including through his own $TRUMP token, increases the risk of conflicts of interest. Given the pseudonymous nature of cryptocurrencies, they could be used to bypass regulations or launder money, making it harder for authorities to trace illicit financial activity. Cryptocurrency theft and fraud are rampant. For instance, North Korean hackers were accused of stealing $1.5 billion worth of Ethereum from the Bybit exchange, illustrating the vulnerability of digital assets to theft. The volatile nature of tokens also places investors at risk, and their use could further mask stolen or illicit funds. Despite existing laws to prevent conflicts of interest, Trump’s refusal to divest from his businesses during his presidency point to numerous conflicts. The recent creation of a SCR could further undermine financial integrity, especially if family members or associates are involved with XRP, Solana, or Cardano. With cryptocurrencies creating significant risks of bribery, theft, and corruption, how does your office plan to protect taxpayers from potential misuse of these funds? What steps will be taken to ensure transparency and accountability in such ventures? I urge you to act on this critical issue to ensure our financial system remains secure, transparent, and resistant to corruption.