Bitcoin

President Donald Trump

In a surprising development, former President Donald Trump has suggested creating a national Bitcoin stockpile should he win the presidency again in the November 2024 election.This proposal has sparked significant interest and debate among cryptocurrency investors and the broader financial community.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/dea9a351324345d6bc899aa42b42f65f.png" /><h3 id="trump-s-bitcoin-stockpile-proposal-raises-legal-concerns">Trump’s Bitcoin Stockpile Proposal Raises Legal Concerns</h3>At the <a href="https://cryptosheadlines.com/kamala-harris-skips-bitcoin-conference-trumps-btc-plan-in-focus/" rel="noopener noreferrer nofollow">Bitcoin 2024 conference</a> on July 27, former President Donald Trump proposed creating a centralized repository for all Bitcoin held or acquired by the U.S. government. He envisions this stockpile as a long-term national asset for the benefit of all Americans.However, this proposal has sparked concern among former prosecutors and <a href="https://cryptosheadlines.com/ripples-victory-challenged-by-legal-expert/" rel="noopener noreferrer nofollow">legal experts</a>. Critics argue that Trump’s <a href="https://cryptosheadlines.com/us-house-committees-plan-to-hold-hearings-together-to-discuss-digital-asset-regulations/" rel="noopener noreferrer nofollow">plan could potentially redirect seized digital assets</a> from their intended use—compensating victims of crime.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bd06a62f15d14476a21ad5e88c1ad4ec.png" />Under current U.S. forfeiture laws, seized assets, including Bitcoin, are generally liquidated to repay victims and support law enforcement efforts. Trump’s pledge to retain Bitcoin and other cryptocurrencies directly challenges this principle.Amanda Wick, a former federal prosecutor, expressed concerns about the potential implications of Trump’s strategy. She emphasized that a significant portion of seized crypto likely belongs to victims of cybercrimes such as hacks and scams, and criticized the idea of prioritizing a national Bitcoin stockpile over the rightful compensation of these victims.<h3 id="trump-s-bitcoin-stockpile-proposal-faces-legal-and-skeptical-reactions">Trump’s Bitcoin Stockpile Proposal Faces Legal and Skeptical Reactions</h3>The U.S. currently holds around $12 billion worth of cryptocurrencies, including 203,230 Bitcoins, 50,224 Ethereums, and over $12 million in Tether’s USDT stablecoin. These assets were seized through criminal and civil forfeiture cases managed by federal prosecutors and judges.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/dea9a351324345d6bc899aa42b42f65f.png" />Former Department of Justice prosecutor Elizabeth Boison told <a href="https://www.bloomberg.com/news/articles/2024-08-07/trump-s-plan-for-us-bitcoin-stockpile-alarms-forfeiture-experts" rel="noopener noreferrer nofollow">Bloomberg</a> that Trump’s proposal does not align with the primary goal of asset forfeiture, which is to deter and punish criminal activity by depriving criminals of assets acquired through illegal means.Legal experts are viewing Trump’s crypto-friendly proposal with “deep skepticism.” They see it as a potential attempt to gain favor with the digital asset community. Former prosecutor Laurel Loomis Rimon commented to Bloomberg that the proposal “doesn’t make a lot of sense” from a policy perspective.<a href="https://cryptosheadlines.com/dogwifhat-jumps-20-as-bitcoin-rebounds-to-57k/" rel="noopener noreferrer nofollow">Also Read: Dogwifhat Jumps 20% as Bitcoin Rebounds to $57K</a>Meanwhile, Bitcoin (BTC) has recently stabilized above key support levels at $56,800. This represents a modest increase of 0.8% from Tuesday’s price and a recovery from a dip to $49,000 earlier in the week.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/93eeb199cd274930a36a87f53b5c248b.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>Join our official TG Channel: <a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">https://t.me/CryptosHeadlines</a>

Trump Proposes National Bitcoin Stockpile if Re-Elected

Table of Contents

CryptosHeadlines.com

Other articles published on Aug 8, 2024

Bitcoin Market Speculators Purge – Total Liquidations at $365M

Wen Lambo? Lamborghini answers with new Animoca Web3 partnership

Flare Network Burns 66M FLR Tokens: Could This Be the Turning Point for FLR Price

Market Indicators Foretell Bitcoin’s Recover from its Recent 22% Drop

XRP Price Prediction: Can XRP Price Rally Continue Following Its Legal Victory?

Donald Trump Jr’s HUGE Announcement For Crypto; Voices Defi As The Future!

Join our free newsletter for daily crypto updates!