3 hours ago
The US Department of Justice (DOJ) has secured final approval in the Northern District Court of California to auction off roughly $6.5 billion worth of Bitcoin seized from the infamous Silk Road dark web marketplace. The ruling marks a decisive end to a complex four-year legal dispute over the ownership of this BTC haul. This is an interesting situation as it comes just 10 days from Donald Trump’s inauguration. The incoming president previously vowed not to sell the U.S. government’s BTC stash. Could US Government’s BTC Dump Tank Crypto Prices? According to a Dec. 30 court filing, Chief U.S. District Judge Richard Seeborg denied a motion to block the forfeiture of 69,370 Bitcoin, thus clearing the Department of Justice to offload the $6.5 billion assets. The move has sparked market fears of potential selling pressure on BTC prices. A similar event happened last year when the German Government sold around 50,000 BTC . However, CryptoQuant CEO Ki Young Ju has urged investors not to panic. “Last year, $379B entered the market based on realized cap — roughly $1B per day,” wrote Young Ju, adding that the U.S. government’s $6.5 billion sale could be absorbed by the market “in just a week.” In recent months, the U.S. government has moved around massive portions of Bitcoin from Silk Road-affiliated wallets. On December 3, 2024, for instance, the U.S. government sent nearly $2 billion in Silk Road Bitcoin to Coinbase. The U.S. Marshals Service, a division of the DOJ, currently has a custody agreement with Coinbase Prime, so the exchange may have merely been holding the coins for the government. Trump Government To Buy Back BTC At Higher Prices? The move by the American government to sell the Bitcoin seized by law enforcement has raised serious questions following the November election. During the campaign trail, incoming president Donald Trump pledged not to sell any of the 198,109 BTC that is still in possession by the U.S. government, according to Arkham Intelligence data. Some commentators believe the current Biden-Harris regime may dump all government-owned BTC in a politically-driven move just before Trump returns to the White House. Fox Business contributor Jason Williams contended that the Biden administration is directing the Department of Justice to liquidate thousands of BTC during a market rally while completely aware that the forthcoming Trump government may purchase it back at much higher prices: “This is an absolute injustice and perversion of the fiduciary responsibility we charge the government with. We are selling these Bitcoin for 94k approx. What price will Trump buy them back at??? Higher.” Meanwhile, while the U.S. preps to sell its BTC stash, other nations like El Salvador and Bhutan are officially accumulating the bellwether crypto as a strategic reserve asset.
ZyCrypto
You can visit the page to read the article.
Source: ZyCrypto
Tags :
Bitcoin News Bitcoin News USA
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Senate Banking Committee Announces First-Ever Cryptocurrency Subcommittee: Report
The U.S. Senate Banking Committee, led by Chairman Tim Scott, is reportedly planning to establish its first subcommittee dedicated to cryptocurrency. This initiative marks an important milestone in the Senate’s approach to regulating the digital assets industry. Cynthia Lummis Selected as Chair Fox Business reporter Eleanor Terret shared the development in a January 10 post on X, noting that Senator Cynthia Lummis has been chosen to head the subcommittee. However, her appointment remains subject to approval in a vote scheduled for the near future. According to an earlier report , the establishment of the initiative is one of Scott’s first priorities as chairman of the Senate Banking Committee. This body plays a critical role in supervising major financial regulators, including the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). The South Carolina lawmaker plans to structure the new entity based on a similar crypto-focused subcommittee established by Patrick McHenry in 2023 under the House Financial Services Committee. In 2024, the House passed an important crypto bill known as the Financial Innovation and Technology for the 21st Century Act (FIT21), developed by its crypto branch. This legislation aims to clarify the regulatory responsibilities of various agencies overseeing the crypto industry. Congressman French Hill, one of the legislation’s co-authors, previously highlighted its strict consumer protections, including a prohibition on the commingling of customer funds, which he believes will prevent collapses like that of FTX. Meanwhile, Hill was also recently appointed as the new chair of the House Financial Services Committee, succeeding McHenry. Members of the Committee According to an internal memo issued by Scott and reviewed by FOX Business, Republican members that have been selected for the new division include freshman senators Bernie Moreno of Ohio and Dave McCormick of Pennsylvania, as well as Thom Tillis of North Carolina and Bill Hagerty of Tennessee. All are described as being strong crypto advocates. It remains unclear which Democratic leaders will join the new outfit. However, Elizabeth Warren, a prominent crypto critic, is the party’s most senior member on the Senate Banking Committee. This development comes just days after Republicans officially assumed control of the Senate, solidifying their legislative majority. With President-elect Donald Trump’s inauguration set for January 20, the party will hold unified control of both Congress and the White House. The formation of the subcommittee is viewed as a significant step toward fulfilling the GOP’s commitment to advancing crypto-related legislation, aligning with Trump’s promise to position the United States as a global leader in the digital asset industry. The post Senate Banking Committee Announces First-Ever Cryptocurrency Subcommittee: Report appeared first on CryptoPotato . ZyCrypto
Meta urged to consider Bitcoin Treasury shareholder proposal
Meta is urged by advocacy group to consider Bitcoin corporate treasury, highlighting its potential as an inflation hedge. The post Meta urged to consider Bitcoin Treasury shareholder proposal appeared first on Crypto Briefing . ZyCrypto
