Pierre Rochard has recently requested the lawmakers/regulators to stop an auction from taking place that is being held for seized Bitcoin (BTC). Pierre Rochard is known as the BTC influencer in the cryptocurrency industry.
It has been confirmed that the amount of Bitcoin (BTC) that has been put up for auction by the lawmakers is more than $1.6 billion. Rochard asked for the lawmakers not to proceed with the auction and proposed another solution for the seized Bitcoin (BTC) instead.
Rochard stated that instead of auctioning the Bitcoin (BTC), these confiscated coins should be made part of the strategic reserve for Bitcoin (BTC).
Rochard is a Bitcoin maximalist who recently made the headlines for being involved in controversies revolving around the total supply of Ether (ETH). He has recently requested the regulators and legislators to compose and pass a bill that would propose the idea of making amendments to a certain act.
He proposed that the new bill must allow the legislators to make amendments to the Judiciary Act of 1789. Once the law has been passed, it will enable the Marshals Service from the United States to hold onto any Bitcoin (BTC) that it receives.
The Bitcoin Maximalist opposed the idea of auctioning the Bitcoin (BTC) that the IRS had recently confiscated. He warned the IRS from proceeding with the auction through his blog post that was posted on December 16, 2020.
The Bitcoin (BTC) auction Rochard is opposing at the moment is for the 69,370 Bitcoin (BTC) that the IRS had seized in November 2020. As revealed by the IRS, these Bitcoin (BTC) were confiscated from the Silk Road Hacker. He stated that a civil complaint has already been filed against the auctioning of the seized Bitcoins (BTC) and forfeiting them to the US Marshals.
He stated that the United States needs to update its legislation on an urgent basis. He also expressed his support stating that he is hoping to see the US Marshals win the case and have the Bitcoin (BTC) in their holdings. He also states that once the Marshals get the Bitcoin (BTC), they must auction them in the next six months.
He emphasized that the law needs to be passed at the earliest so the auction can be stopped and the Bitcoin (BTC) be given to their rightful handlers.
While talking about the current auction, he quoted the figures for all the previous BTC auctions that had been conducted by the lawmakers. He stated that in the past, more than 144,000 BTC have been auctioned by lawmakers that generated only a figure of $122 million.
He stated that if those Bitcoin (BTC) were sold in the present time, the lawmakers would have been able to generate $3.32 billion.