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Urgent plea to prevent auction of $1.6B Bitcoin seized from Silk Road hacker

Pierre Rochard has made an “urgent” plea to lawmakers to instead create a strategic Bitcoin reserve and fill it with BTC seized by law enforcement.

Bitcoin influencer Pierre Rochard has called on lawmakers to prevent more than $1.6 billion worth of seized Bitcoin from being auctioned, proposing instead that confiscated coins be put into a strategic BTC reserve.

Rochard, a Bitcoin maximalist behind the recent controversy over ETH’s total supply, wants legislators to draft and pass a bill containing amendments to the Judiciary Act of 1789 that would allow the U.S. Marshals Service to hold onto any Bitcoin it received.

In a blog post published on Dec. 16, Rochard warned against the auctioning of 69,370 Bitcoin seized by the IRS in November from an alleged Silk Road hacker, noting that the U.S. Attorney’s Office has filed a civil complaint for forfeiture of the BTC.

Speaking to Cointelegraph, Rochard emphasized the “urgent” need to update the legislation, asserting he expects the U.S. Marshals Service to win its forfeiture case and auction off the Bitcoin “within the next six months.”

“If the U.S. wants to maintain its leadership, both financially and also in science and technology, then we should develop a Bitcoin reserve fund at the federal level,” he said, adding:

“In the first instance, get the seized coins into it, but then as we move forward, we’re going to want to add to that reserve as well.”