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The U.S. government has one of the biggest Bitcoin (BTC) holdings in the world. Till now, the United States has amassed about 200,000 BTC from cybercriminals and darknet markets. The value of the holdings is about $5.4 billion. If sold, it could cause the markets to fall into utter chaos. This is especially worrisome, given that the U.S. government is not concerned about the crypto market. According to a Wall Street Journal report, the U.S. government is not holding its Bitcoin (BTC), nor is it waiting for its value to go higher. The BTC in the government’s coffers is stuck in a lengthy legal process. Also Read: Bitcoin: Grayscale’s GBTC Discount Falls to 15%, 2-Year Low According to Jarod Koopman, executive director of the IRS’s cyber and forensics services section, “We don’t play the market. We basically are set by the timing in our process.”  How will the market react if the U.S. Government sells its Bitcoin? Source: Pixabay If the U.S. government sells its Bi...

The latest Cointelegraph Report tries to make sense of the Security and Exchange Commission's ongoing crypto crackdown, its rationale, and the potential outcome. The Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, has been at the forefront of the United States' cryptocurrency crackdown. In the last few months, the agency has filed several enforcement actions against major crypto companies that allegedly violated security laws. Critics say the agency has adopted a regulation-by-enforcement approach without providing a proper set of rules that fit the unique Features of crypto assets. A major source of confusion is the definition of a Security and whether it can apply to a highly diverse set of assets such as crypto currencies.  Despite being pressured in a congressional hearing last week, Gensler seems unwilling to take on the political responsibility of entering a constructive dialogue with the industry.  For many crypto companies targeted by the S...

The motion is part of a broader effort to restore internet privacy rights for U.S. citizens. The United States Treasury faces a renewed legal challenge that aims to overturn the decision to sanction the crypto mixer Tornado Cash from six individuals backed by cryptocurrency exchange Coinbase. A motion for a partial summary judgment was filed on April 5 in a Texas District Court, the Coinbase-backed plaintiffs moved for the U.S. Office of Foreign Asset Control (OFAC) to settle for the first two counts from its original complaint filed in September 2022. If granted, it would see the Judge rule on some of the factual issues while leaving others for the trial. The counts claimed OFAC exceeded its statutory powers under the International Emergency Economic Powers Act (IEEPA) and violated the Free Speech clause under the U.S. Constitution’s First Amendment. A few months ago, Coinbase backed a legal challenge to sanctions imposed by the US govt against Tornado Cash. Today the plaintiffs fil...

Tron founder Justin Sun has been going through his fair share of rough times lately. Since being sued by the SEC for fraud and market manipulation and losing his diplomatic status, Sun has been under the radar. With the recent court documents revealing that the  US government plans to sell 41,500 bitcoin linked to the Silk Road in four different batches this year, Sun has laid out an offer to the US government . US government has announced its intention to sell an additional 41,500 #BTC this year. To minimize the potential impact on the market, I would like to offer to purchase these BTC at a 10% discount for an OTC deal. — H.E. Justin Sun 孙宇晨 (@justinsuntron) March 31, 2023 Justin Sun offers to buy BTC at a 10% discount Sun put out a tweet right after the news of the government’s BTC sale hit the streets. He mentioned in his tweet that he wanted to minimize the potential impact of the sale of these BTC on the market. Tron’s founder also highlighted that he...