EddieJayonCrypto
16 Aug 24
The US Marshals Service (USMS) is expediting the sale of Bitcoin seized from the Silk Road, aiming to complete the process within five business days of forfeiture. New protocols are reducing delays in Bitcoin liquidation, ensuring faster deposit of funds into the Forfeiture Fund. This shift in USMS ...
USMS is accelerating the sale of Bitcoin seized from the Silk Road, aiming to complete the process within five business days of forfeiture. This shift in handling involves segregated assets and rapid sales, addressing historical challenges and bureaucratic processes.
The US Marshals Service (USMS) has faced challenges in disposing of large quantities of Bitcoin due to the need to justify auction sizes and bureaucratic processes. To address these issues, the USMS has adopted new procedures, allowing for quicker sales without auction delays. The service aims to sell cryptocurrency within five business days of forfeiture, driven by financial reporting rules that limit withdrawals from exchange accounts and the need to reduce exposure to market changes.
The agreement with Coinbase requires USMS assets to stay separate and transfers to custodial addresses indicate upcoming sales. This approach should shorten the time between asset forfeiture and depositing funds into the Assets Forfeiture Fund, addressing concerns about delays and market swings.
The upcoming DOJ Asset Forfeiture Program report for FY2024 is expected to provide further details on the effectiveness of these new procedures. The Biden-Harris administration is expected to continue this streamlined and expedited process.
More about Couchbase Inc
Couchbase Inc
Industry: Technology, Services-Prepackaged Software
Revenue: $901,050,000
Profit Margin: -1.64%
Operating Margin: 3.953%
Return on Assets: -0.417
Market Cap: $190,368,000
P/E Ratio: 26.5
Dividend Yield: 0
Beta: 0.252