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Sen. Lummis Challenges US Marshals' Plan to Sell 69K Bitcoin

Cynthia Lummis raises concerns over US Marshals' Bitcoin selloff, highlighting potential taxpayer losses

3 min 21 days ago

Highlights:

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Sen. Lummis questions US Marshals' plan to sell 69K seized Bitcoins, fearing taxpayer losses.

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Lummis requests transparency on Bitcoin holdings and sale strategy from US Marshals Service.

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Bitcoin-backed economic strategies gain traction as US seeks to hedge against inflation and debt.

Sen. Lummis Challenges US Marshals' Plan to Sell 69K Bitcoin

The US Marshals Service plans to sell nearly 70,000 Bitcoins seized from the Silk Road case. This decision has raised concerns among Bitcoin investors and lawmakers. With President-elect Trump promising a National Bitcoin Stockpile, Senator Cynthia Lummis is questioning the wisdom of this sale.

 

Lummis Raises Concerns Over Bitcoin Sale

 

 

On January 15, Sen. Lummis sent a letter to Ronald L. Davis, Director of the US Marshals Service. She pointed out the huge loss the government could face if it sells the seized Bitcoins at a volatile time. 

 

Historical sales data shows that the Marshals sold 195,000 Bitcoins between 2014 and 2023. At current market prices, the 69,370 Bitcoins would now be worth over $18.9 billion.

 

Lummis expressed concern over the speed at which the Marshals are moving to sell these Bitcoins. Trump has promised to create a National Bitcoin Stockpile, which makes this hasty liquidation seem contradictory.

 

Bitcoin as an Economic Strategy

 

Under Trump, the US government is looking at Bitcoin as a way to help the economy. The country’s national debt now exceeds $36 trillion, and Bitcoin could provide a hedge against inflation. 

 

Texas and Oklahoma have already proposed creating Bitcoin reserves to protect against fiat devaluation. El Salvador’s success with Bitcoin has inspired more countries to follow suit.

 

Sen. Lummis’s challenge brings up critical questions about the US government’s approach to digital assets. How this situation unfolds will likely have lasting implications for US cryptocurrency policy.

 

 

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