US Marshals Delay Silk Road Bitcoin Report, Senator Lummis Demands Transparency

• US Marshals delay report on Silk Road Bitcoins.
• Lummis demands transparency in the management of federal crypto assets.
• Bitcoin Strategic Reserve Proposal Gains Momentum.

The US Marshals Service (USMS) has missed a deadline to provide Senator Cynthia Lummis with a detailed report on the management of Bitcoins seized in the Silk Road case. The senator, known for her work defending transparency in management of crypto assets, expressed concern about the planned sale of approximately 69.370 Bitcoins, valued at around US$ 7 billion in the current market.

At the time of publication, the price of Bitcoin was quoted at US$101.949 with a drop of 0.9% in the last 24 hours.

In a letter sent to the USMS, Lummis highlighted that the sale of 195.092 Bitcoins between 2014 and 2023 resulted in the collection of approximately US$ 366 million. However, these same assets would be worth more than US$ 18,9 billion today, which represents a potential loss of 98% in value. “I am concerned that the Department of Justice justified the accelerated sale of Bitcoins based on price volatility, without considering the pending legal challenges,” said the senator.

SENATOR LUMMIS DEMANDS US MARSHALS REVEAL SEIZED BITCOIN HOLDINGS

The US Marshals Service has failed to respond to Senator Cynthia Lummis' request for a full disclosure of its Bitcoin holdings and liquidation plans.

This follows concerns over the government's past… pic.twitter.com/7xHMKLnjJb

— IBC Group Official (@ibcgroupio) February 1, 2025

The USMS, which is responsible for managing digital assets seized in criminal investigations, runs an asset forfeiture program valued at approximately $7,6 billion. Despite the delay in response, sources said the agency plans to hold a private briefing with Lummis and his team in the coming weeks, providing an updated inventory of its Bitcoin holdings.

As chair of the newly created Senate Digital Assets Subcommittee, Lummis has been committed in drafting bipartisan legislation to regulate the cryptocurrency market. Among its initiatives, the BITCOIN Act stands out, a proposal that aimed to allow the US government to acquire up to one million Bitcoins, equivalent to 5% of the total supply of the cryptocurrency.

Although the bill was shelved in January 2025, Lummis is expected to reintroduce it later this year, taking advantage of the support of the new crypto-friendly administration. “One of the first commitments of the subcommittee will be to hold public hearings on the Bitcoin Strategic Reserve,” Lummis said.