Sen Cynthia Lummis Questions US Marshals Service on 69,370 Bitcoin Liquidation
The upcoming Donald Trump administration is focusing on pro-crypto policies, including proposals for a National Bitcoin Stockpile and reducing SEC regulatory overreach. A key concern among crypto investors is the potential liquidation of 69,370 BTC seized from Silk Road, authorized by a court to mitigate market volatility.
Sen Cynthia Lummis' Concerns
Senator Cynthia Lummis has requested information regarding the planned sale of these Bitcoins, arguing it may not benefit taxpayers. Key points include:
-
<li The Marshal Service sold 195,092 BTC from 2014 to 2023 for $366.5 million, while current values exceed $18.9 billion.
<li Lummis expressed concern over the rushed liquidation process, contradicting Trump's promise to maintain all BTC holdings.
<li She seeks transparency on current holdings, historical sales data, strategic management plans, and decision-making processes.
Bigger Picture
The Trump administration aims to leverage cryptocurrency to address national debt exceeding $36 trillion. States like Texas and Oklahoma propose creating strategic Bitcoin reserves to combat fiat devaluation and inflation. The success of El Salvador's Bitcoin strategy influences other central banks to consider similar initiatives.