<span style="font-weight: 400">The Internal Revenue Service (IRS), has recently seized 69,370 Bitcoin, worth more than $1.6 billion from an alleged Silk Road hacker. Pierre Rochard, a Bitcoin influencer, has recently <a href="https://pierre-rochard.medium.com/urgent-bitcoin-legislation-4e715b7864d2" target="_blank" rel="nofollow noopener">pleaded</a> the lawmakers to prevent the seized Bitcoins from being auctioned. He is seeking several amendments in the Judiciary Act of 1789. The U.S. Attorney’s Office has also filed a civil complaint about forfeiture of the seized Bitcoin. Rochard pleas lawmakers that instead of auctioning Bitcoin, they should put them into a strategic Bitcoin reserve, where all the seized Bitcoins could be saved.</span>
<h2><b>Rochard Pleas Lawmakers to Urgently Update the Legislation </b></h2>
<span style="font-weight: 400">As Rochard pleas lawmakers by emphasizing the urgent need of updating the legislation. He is expecting that the U.S. Marshals Service will win the forfeiture case and they will be auctioning off the Bitcoin, within the next six months. To stop the auction, there is an urgent need to pass the law that will make amendments to the Judiciary Act. </span>

<span style="font-weight: 400">Rochard pleas lawmakers to create a <a href="https://www.cryptoknowmics.com/news/bitcoin-soars-record-high-as-federal-reserve-finalizes-monetary-stimulus-package/">Bitcoin reserve</a> because preserving Bitcoin is more important than selling them off. He stated that in 2014 and 2015, 144,000 Bitcoins have been auctioned and generated $122 million. However, if they would have been kept in reserve then at the present rate, it would have cost more than $3.32 billion. </span>
<h2><b>Strategic Bitcoin Reserve Crucial For National Security </b></h2>
<span style="font-weight: 400">Rochard has mentioned that the United States would have generated more amount by holding Bitcoin for a longer time. He stated:</span>

<i><span style="font-weight: 400">“The Federal Reserve can create an infinite quantity of US dollars, the proceeds received in the auction. Bitcoins can not be created out of thin air and there is a limited quantity of them.”</span></i>

<span style="font-weight: 400">Rochard believes that a strategic Bitcoin reserve fund is highly crucial for the national security of the U.S. It is also crucial for maintaining financial and technological leadership over the world. </span>

Pierre Rochard Pleas Lawmakers to Prevent Auction of 69,370 Bitcoin

Rochard pleas lawmakers that instead of auctioning Bitcoin which are seized by IRS, they should put them into a strategic Bitcoin reserve.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

Pierre Rochard Pleas Lawmakers to Prevent Auction of 69,370 Bitcoin

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