APENFT (nft) 
US Government Approves Sale of Seized Silk Road Bitcoins Amid Community Backlash
The US government has approved the sale of 69,370 BTC seized from the Silk Road marketplace, a move that has sparked controversy within the crypto community. The Northern District Court of California approved the liquidation of the bitcoins in November 2020, years after the black market shut down. The decision concludes the four-year-long legal battle over the future of the seized crypto.
How Did the Approval Become Possible?
One of the key shifts in the legal battle took place on December 30, 2024, when Chief US District Judge Richard Seeborg denied a motion to block the forfeiture of the seized bitcoins. The move made it possible for the Department of Justice (DOJ) to liquidate the bitcoin associated with Silk Road. However, the sale is not imminent, as a possible appeal and a series of administrative steps are still in the way.
The Political Subtext
The potential sale of the seized bitcoins contradicts the intentions of President-elect Donald Trump, who promised that the US would never sell its bitcoins. Trump had stated that if he gets elected, the administration will “keep 100% of all the bitcoin the US government currently holds or acquires into the future.” The move is seen by some as an intentional undermining of Trump’s policy by the current officials.
Another possible reason for the sale is that the current administration may not see Bitcoin as a valuable asset and is in a hurry to dump it before the bear market starts. As of January 9, 2024, the sum of 69,370 BTC is valued at around $6.55 billion.
Community Reaction
The crypto community has reacted strongly to the news, with some speakers expressing their disappointment and frustration. David Bailey, CEO of Bitcoin Magazine, noted that the sale of the seized bitcoins would be seen as a “middle finger to the voters” as it goes against the priorities of the lawfully elected President. Bailey also suggested that the DOJ might see the possible sale as a way to boost the department’s budget.
The flip side of this is the DOJ just insured we get the SBR, if DOJ thinks they can steal America’s Bitcoin reserve and deny the US President his policy priorities just so they can line their own department’s pockets… got news for them. What a middle finger to the voters.
– David Bailey
Caitlin Long, CEO of Custodia Bank, raised concerns about the possibility of government insiders buying bitcoins for themselves after crashing the price via selling the seized bitcoins during the dip.
They don’t see it that way. They seem to think #bitcoin is going to zero & they want to help it go there by slamming markets during dips. (Can you say market manipulation???) It’s legal if the govt does it. I wonder how many govt insiders will be buying the dip personally…
– Caitlin Long
Key Takeaways:
• The US government has approved the sale of 69,370 BTC seized from the Silk Road marketplace.
• The sale contradicts the intentions of President-elect Donald Trump, who promised that the US would never sell its bitcoins.
• The crypto community has reacted strongly to the news, with some speakers expressing their disappointment and frustration.
• The sale may be seen as a way for the DOJ to boost its budget and undermine Trump’s policy.
For more news on cryptocurrencies, investing, and finance, visit Global Crypto News.
