{"id":825732,"date":"2025-02-09T13:16:14","date_gmt":"2025-02-09T19:16:14","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/09\/us-marshals-missed-deadline-for-report-on-silk-road-bitcoin-to-senator-lummis\/"},"modified":"2025-02-09T13:16:14","modified_gmt":"2025-02-09T19:16:14","slug":"us-marshals-missed-deadline-for-report-on-silk-road-bitcoin-to-senator-lummis","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/09\/us-marshals-missed-deadline-for-report-on-silk-road-bitcoin-to-senator-lummis\/","title":{"rendered":"US Marshals missed deadline for report on Silk Road Bitcoin to Senator Lummis"},"content":{"rendered":"<p>Bitcoins <\/p>\n<div data-id=\"162194\" data-url=\"https:\/\/cryptobriefing.com\/us-marshals-bitcoin-report-deadline\/\">\n<section>\n<div>\n<p><a href=\"https:\/\/cryptobriefing.com\/regulation\/\" rel=\"tag\"><br \/>\n                    Regulation                <\/a>\n                    <\/p>\n<\/div>\n<p><span><span><a href=\"https:\/\/cryptobriefing.com\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/cryptobriefing.com\/regulation\/\">Regulation<\/a><\/span> \u00bb <span aria-current=\"page\">US Marshals missed deadline for report on Silk Road Bitcoin to Senator Lummis<\/span><\/span>        <\/p>\n<div>\n<div>\n<p><span>by<\/span><\/p>\n<div>\n<p><a data-author_id=\"29816\" href=\"https:\/\/cryptobriefing.com\/team\/vivian-nguyen\/\" rel=\"author\">Vivian Nguyen<\/a><\/p>\n<\/div><\/div>\n<p><time datetime=\"2025-02-01T18:35:18+00:00\"><br \/>\n                        Feb. 1, 2025                    <\/time>\n                            <\/p>\n<\/p><\/div>\n<\/section>\n<section>\n<h2>Bitcoins Senator Lummis called for accountability and transparency in managing digital assets.<\/h2>\n<\/section>\n<section>\n            <picture><source media=\"(min-width: 850px)\" ><img decoding=\"async\" src=\"http:\/\/cryptobriefing.com\/7578dc1b-b49b-4ce1-a1eb-d084bb711c94.jpg\" alt=\"bitcoins US Marshals missed deadline for report on Silk Road Bitcoin to Senator Lummis\" title=\"bitcoins http:\/\/cryptobriefing.com\/7578dc1b-b49b-4ce1-a1eb-d084bb711c94.jpg\">\n            <\/picture>\n        <\/section>\n<p>Photo: Marco Bello\/Getty Images<\/p>\n<section>\n<section>\n<h3>Key Takeaways<\/h3>\n<ul>\n<li>The US Marshals Service missed a deadline to report to Senator Cynthia Lummis on Bitcoin management from the Silk Road case.<\/li>\n<li>Senator Lummis raised concerns over the planned sale of 69,370 Bitcoin, worth about $7 billion, citing a potential 98% loss in value.<\/li>\n<\/ul>\n<\/section>\n<section>\n<p>Share this article<\/p>\n<\/section>\n<p>        <?xml encoding=\"UTF-8\"><\/p>\n<p>The US Marshals Service (USMS) missed a Friday deadline to provide detailed information about its handling of Bitcoin seized from the Silk Road case to Senator Cynthia Lummis, a development that sources with knowledge of the matter <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-31\/us-marshals-won-t-meet-senator-s-deadline-to-list-cryptoassets\" rel=\"noopener nofollow noreferrer\">had indicated<\/a>.<\/p>\n<p>Senator Lummis, in a <a target=\"_blank\" href=\"https:\/\/www.lummis.senate.gov\/wp-content\/uploads\/USMS-Letter-to-Bitcoin-Sale.pdf\" rel=\"noopener nofollow noreferrer\">letter<\/a> to the USMS last month, raised concerns about the agency\u2019s planned sale of approximately 69,370 seized Bitcoin, valued at about $7 billion at the current market price. She cited potential financial losses for taxpayers and a conflict with the Trump administration\u2019s policy directives.<\/p>\n<p>Lummis\u2019 letter to USMS highlighted the agency\u2019s previous Bitcoin sales, noting that disposals of 195,092 Bitcoin between 2014 and 2023 generated around $366 million. Those same holdings would be worth over $18.9 billion at current market prices, representing what Lummis called a \u201cstaggering 98% loss in potential value.\u201d<\/p>\n<p>The letter also noted a recent court filing where the Department of Justice cited Bitcoin price volatility to justify an expedited sale. She found the Department\u2019s aggressive <a target=\"_blank\" href=\"https:\/\/cryptobriefing.com\/doj-silk-road-bitcoin-sale\/\" rel=\"\">pursuit of liquidation<\/a>, despite pending legal challenges, troubling, especially during the presidential transition period.<\/p>\n<p>The letter called for greater transparency in the USMS\u2019s management of Bitcoin assets, including public disclosure of holdings. It also sought to hold the agency accountable for past losses and ensure better decision-making in the future.<\/p>\n<p>At the time the letter was published, there was a widespread expectation within the crypto community that Trump would issue an executive order (EO) to establish a national Bitcoin stockpile, a key promise from his presidential campaign.<\/p>\n<p>On Jan. 23, the President <a target=\"_blank\" href=\"https:\/\/cryptobriefing.com\/trump-executive-order-strategic-bitcoin-reserve\/\" rel=\"\">signed an EO<\/a> directing a working group to assess the feasibility of creating a national digital asset stockpile.<\/p>\n<p>While the order does not fulfill the specific promise of a dedicated Bitcoin reserve, it leaves open the possibility that Bitcoin could be part of a stockpile if it is established, which could potentially include Bitcoin and other crypto assets seized by federal authorities.<\/p>\n<p>The USMS, which oversees digital assets seized during criminal investigations, manages an asset forfeiture program valued at approximately $7.6 billion as of September 2024.<\/p>\n<p>While the agency missed the deadline, a person familiar with the matter said it would brief Lummis and her staff in coming weeks and provide an inventory of its Bitcoin holdings.<\/p>\n<p><html><body><\/p>\n<div class=\"ad-banner mrec-in-article\"><\/div>\n<p><\/body><\/html><\/p>\n<p>Senator Lummis has been <a target=\"_blank\" href=\"https:\/\/cryptobriefing.com\/digital-assets-oversight-lummis-chair\/\" rel=\"\">appointed<\/a> chair of the newly formed Senate Banking Subcommittee on Digital Assets. This subcommittee is the first of its kind, dedicated to overseeing digital assets under the Senate Banking Committee, now led by Senator Tim Scott.<\/p>\n<p>The subcommittee aims to pass bipartisan legislation that establishes a comprehensive legal framework for digital assets. This framework is intended to promote responsible innovation while protecting consumers and includes provisions for market structure, stablecoins, and a strategic Bitcoin reserve.<\/p>\n<p>Lummis briefly led an effort to create a US strategic Bitcoin reserve through proposed legislation called the BITCOIN Act, which would allow the government to acquire one million Bitcoins, approximately 5% of the total supply. <\/p>\n<p>The bill was dead as of January 3, 2025, but if she plans to reintroduce it in 2025, it could capitalize on support from the newly elected crypto-friendly administration.<\/p>\n<\/p>\n<section class=\"article-share\">\n<p>Share this article<\/p>\n<div class=\"social-icons\">\n          <button class=\"social-icon share\" data-href=\"https:\/\/x.com\/intent\/tweet?text=US+Marshals+missed+deadline+for+report+on+Silk+Road+Bitcoin+to+Senator+Lummis&#038;url=https%3A%2F%2Fcryptobriefing.com%2Fus-marshals-bitcoin-report-deadline%2F&#038;via=crypto_briefing\" aria-label=\"Share on x\"><br \/>\n        <?xml version=\"1.0\" encoding=\"UTF-8\"?><br \/>\n                <svg width=\"40px\" height=\"40px\" viewBox=\"0 0 40 40\" version=\"1.1\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n                <g id=\"surface1\">\n                <path style=\" stroke:none;fill-rule:nonzero;fill:rgb(0%,0%,0%);fill-opacity:1;\" d=\"M 17.867188 0.148438 C 10.839844 0.878906 4.558594 5.507812 1.707031 12.054688 C -0.132812 16.28125 -0.441406 21.148438 0.867188 25.625 C 2.480469 31.214844 6.652344 35.933594 12.054688 38.292969 C 16.28125 40.132812 21.148438 40.4375 25.628906 39.132812 C 32.332031 37.199219 37.613281 31.695312 39.347656 24.851562 C 42.054688 14.132812 35.414062 3.171875 24.667969 0.613281 C 22.304688 0.0546875 20.226562 -0.09375 17.867188 0.148438 Z M 18.132812 12.535156 C 19.839844 14.800781 21.28125 16.667969 21.332031 16.667969 C 21.386719 16.667969 23.160156 14.800781 25.253906 12.535156 L 29.078125 8.398438 L 31.253906 8.398438 L 30.785156 8.894531 C 30.519531 9.171875 28.785156 11.054688 26.933594 13.066406 C 25.078125 15.078125 23.265625 17.039062 22.90625 17.398438 L 22.265625 18.078125 L 27.265625 24.734375 C 30.011719 28.398438 32.265625 31.441406 32.265625 31.492188 C 32.265625 31.558594 30.628906 31.601562 28.640625 31.601562 L 25 31.585938 L 21.613281 27.054688 C 19.28125 23.921875 18.1875 22.574219 18.078125 22.652344 C 18 22.71875 16.105469 24.761719 13.867188 27.1875 L 9.800781 31.601562 L 8.773438 31.601562 C 8.199219 31.601562 7.734375 31.574219 7.734375 31.535156 C 7.734375 31.492188 9.851562 29.171875 12.441406 26.386719 C 15.011719 23.601562 17.148438 21.265625 17.171875 21.226562 C 17.1875 21.171875 15.066406 18.28125 12.464844 14.800781 C 9.867188 11.332031 7.734375 8.464844 7.734375 8.441406 C 7.734375 8.414062 9.371094 8.398438 11.386719 8.398438 L 15.039062 8.398438 Z M 18.132812 12.535156 \" \/>\n                <path style=\" stroke:none;fill-rule:nonzero;fill:rgb(0%,0%,0%);fill-opacity:1;\" d=\"M 11.027344 10.1875 C 11.082031 10.28125 14.441406 14.785156 18.464844 20.171875 L 25.800781 29.988281 L 27.441406 30 C 28.453125 30 29.066406 29.945312 29.039062 29.867188 C 29.027344 29.800781 25.679688 25.292969 21.628906 19.867188 L 14.238281 10 L 12.585938 10 C 11.214844 10 10.933594 10.027344 11.027344 10.1875 Z M 11.027344 10.1875 \" \/>\n                <\/g>\n                <\/svg>      <\/p>\n<\/section>\n<\/div>\n<p> Vivian Nguyen <a href=\"https:\/\/cryptobriefing.com\/us-marshals-bitcoin-report-deadline\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regulation Home \u00bb Regulation \u00bb US Marshals missed deadline for report on Silk Road Bitcoin to Senator Lummis by Vivian Nguyen Feb. 1, 2025 Senator Lummis called for accountability and transparency in managing digital assets. Photo: Marco Bello\/Getty Images Key Takeaways The US Marshals Service missed a deadline to report to Senator Cynthia Lummis on<\/p>\n","protected":false},"author":1,"featured_media":825733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119781,2233],"tags":[11476],"class_list":{"0":"post-825732","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marshals","8":"category-missed","9":"tag-bitcoins"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/825732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=825732"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/825732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/825733"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=825732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=825732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=825732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}