Senator Cynthia Lummis Probing US Marshals Over Bitcoin Sale

Pro-crypto Senator Cynthia Lummis is allegedly probing the United States Marshals over the proposed plans to sell its seized Bitcoin (BTC) stash. According to Politico, the investigation hinges on halting the rushed approach of the regulator at a critical time in the country.

The US Marshals Bitcoin Sales

The Politico report noted that Senator Cynthia Lummis sent a letter to the US Marshals on January 15, making the probe official. Per an excerpt from the letter, the Senator is flagging a number of issues regarding the sale, including the timing during the Presidential transition.

The pro-crypto lawmaker also noted that selling Bitcoin directly contradicts the stated objectives of President-elect Donald Trump. Senator Lummis pointed at the incoming administration’s plans for a strategic Bitcoin Reserve. One critical issue she also flagged is the revenue loss, as previous sales made the United States lose as much as “$18.5 billion in unrealized value for American taxpayers.”

Senator Cynthia Lummis has a frontline role in the shift to pro-crypto policies. As reported earlier by Coingape, she was appointed to lead the first subcommittee on crypto oversight in the U.S.

It is worth noting that a Federal Judge recently cleared the government to sell Bitcoin units seized from the Silk Road. While experts have clarified that this might not necessarily mean the US Marshals will sell, Senator Lummis’s move further places the spotlight on the matter

Defined Efforts for Strategic Bitcoin Reserve

During the Presidential campaign, Donald Trump promised to set up a BTC reserve, which he plans to achieve. Senator Lummis has introduced a Bitcoin Bill that will back this proposal from the president. 

On the executive side, the president-elect is working on assembling a crypto advisory council to achieve the reserve goals. Despite criticism of the plan, drawing on its economic feasibility, proponents have outlined key benefits that lie ahead.

Senator Lummis has even proposed ditching gold to buy 1 million BTC worth, a plan many industry leaders have favored.

Altcoins to Join Strategic Reserve

The United States is making more ambitious plans to take the lead in digital currency initiatives. As reported earlier by Coingape, there are plans to establish Solana and XRP reserves in the coming administration.

Current indications hint that the incoming President will issue some executive orders regarding crypto right from his inauguration. With pro-crypto appointments thus far, proponents believe the industry is poised to witness unique transformations in the coming administration.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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