Senator Cynthia Lummis, a key figure in the Senate's cryptocurrency policy discussions, has criticized the US government's handling of bitcoin and digital assets. She urged the US Marshals Office to slow down the liquidation of seized bitcoin, arguing that it conflicts with the potential establishment of a US bitcoin reserve. Lummis also raised concerns about the FDIC allegedly attempting to conceal evidence related to its role in restricting banking access for crypto companies.
Senator Cynthia Lummis, poised to lead the Senate Banking Committee's digital assets panel, launched a scathing critique of the U.S. government's handling of bitcoin and cryptocurrency. Lummis, a vocal advocate for a U.S. bitcoin strategic reserve, sent a letter to the director of the U.S. Marshals Office urging a slowdown in the liquidation of bitcoin seized from the Silk Road case. She argued that the aggressive sales, which currently involve almost 70,000 bitcoin worth approximately $6.
9 billion, contradict the incoming administration's stated interest in establishing a national bitcoin stockpile. 'The Department continues to aggressively push forward with liquidation plans despite pending legal challenges, demonstrating an unusual urgency to dispose of these assets,' Lummis wrote. '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 also issued a warning to the Federal Deposit Insurance Corp. (FDIC), alleging that agency insiders have reported an effort to conceal evidence related to what is known in the crypto industry as Operation Chokepoint 2.0. This campaign aimed to sever digital asset activities from U.S. banking. 'Any effort to keep such materials from scrutiny would be 'illegal and unacceptable,' Lummis stated. Her concerns highlight two pressing issues facing the cryptocurrency sector: the ongoing liquidation of seized bitcoin and the FDIC's alleged attempts to suppress information about its role in restricting access to banking services for crypto businesses. As the new Congress convenes and the Biden administration takes office, Lummis's prominent role in the Senate Banking Committee's digital assets subcommittee positions her to influence the regulatory landscape for cryptocurrencies. She is expected to work closely with Senator Tim Scott, the chairman of the full committee, to shape the panel's crypto agenda. However, they will face resistance from Senator Elizabeth Warren, the ranking Democrat on the committee, who has been a vocal critic of cryptocurrencies. Senator Lummis's efforts to address these issues will likely be closely watched by the cryptocurrency industry and policymakers as the debate over the future of digital assets continues
CRYPTOCURRENCY SENATE BANKING COMMITTEE CYNTHIA LUMMIS BITCOIN REGULATION FDIC SILK ROAD
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