Key Points:
- Senator Cynthia Lummis is investigating the U.S. Marshals over plans to sell its seized Bitcoin.
- Lummis highlights the potential loss of $18.5 billion in unrealized value for U.S. taxpayers from previous Bitcoin sales.
According to Politico, one of the most vocal crypto proponents, Senator Cynthia Lummis, has begun probing the U.S. Marshals for plans regarding selling its Bitcoin cache.
Read more: Senator Cynthia Lummis Proposes Bitcoin Reserve Bill as National Debt Hits New High
Senator Cynthia Lummis Investigates U.S. Marshals’ Intentions of Selling Its Seized Bitcoin
The probe launched through a letter she sent on January 15, hopes to address concerns regarding the timing and manner of the contemplated sale.
Lummis pointed out various issues in her letter, citing the repercussions that such a sale could have during a sensitive period, such as the transition to a new presidential administration. She said such moves could hurt the plans the incoming administration might have for a National Bitcoin Reverse, a strategic reserve of Bitcoin.
Lummis Opposes Bitcoin Sale Amid Presidential Transition
The senator further placed her concerns on the financial implications of the sale, citing how much-unrealised value was lost unprecedentedly in past sales. She claimed that previous transactions had led to a loss of $18.5 billion to U.S. taxpayers due to the sale of seized Bitcoin at lower prices.
Senator Cynthia Lummis has spearheaded several times for pro-crypto policies and was recently put at the helm of the United States’ first-ever subcommittee focused on oversight into cryptocurrency.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Other Posts
Latest
Press Release
Global Designers Challenge Borders, Identity, and the Limits of Physical Fashion at Metaverse Fashion Week 2025
