The post Senator Cynthia Lummis Investigates U.S. Marshals’ Plans to Sell Seized Bitcoin appeared first on Coinpedia Fintech News
In a latest development, Senator Cynthia Lummis, a strong crypto advocate, is investigating the U.S. Marshals’ plans to sell a large stash of seized Bitcoin (BTC). According to a report from Politico, the probe, initiated on January 15, is aimed at halting the rushed decision to sell Bitcoin during a critical time, specifically during the Presidential transition.
Notably, the Politico report noted that in her letter to the U.S. Marshals, Lummis raised several concerns about the sale, including its timing during the transition to President-elect Donald Trump’s administration. She argued that selling Bitcoin contradicts the incoming administration’s intention to create a strategic Bitcoin Reserve.
“This rushed approach, occurring during the presidential transition period, directly contradicts the incoming administration’s stated policy objectives regarding the establishment of a National Bitcoin Stockpile,” Lummis noted.
Besides, Lummis also highlighted the potential financial loss for U.S. taxpayers, noting that past sales of seized Bitcoin have cost the government up to $18.5 billion in unrealized value.
