Former President Donald Trump has announced a plan to create a national Bitcoin stockpile if he’s elected again in 2024. This has caused a lot of controversy, with legal experts and prosecutors slamming the idea.
A National Bitcoin Reserve: What’s the Problem?
Trump’s plan involves keeping all Bitcoin seized by the government in a central repository, claiming it’s a long-term investment for the benefit of all Americans. However, critics argue that this would divert seized assets away from their intended purpose: compensating victims of crime.
Currently, seized assets, including Bitcoin, are typically sold to repay victims and fund law enforcement efforts. Trump’s proposal directly contradicts this practice, raising concerns about the rights of victims.
Legal Experts Speak Out
Amanda Wick, a former federal prosecutor, points out that a large portion of seized crypto belongs to victims of cybercrimes like hacks, ransomware attacks, and scams. She argues that prioritizing a Bitcoin stockpile over compensating these victims is wrong.
Other legal experts also criticize Trump’s plan. Elizabeth Boison, a former Department of Justice prosecutor, states that the primary goal of asset forfeiture is to deter crime by taking away criminals’ ill-gotten gains. Trump’s proposal, she says, goes against this principle.
A Political Ploy?
Many experts believe Trump’s Bitcoin plan is simply a way to appeal to the cryptocurrency community. They see it as a political maneuver rather than a well-thought-out policy.
What’s Next?
It remains to be seen whether Trump’s Bitcoin plan will gain any traction. Legal experts are skeptical, and it’s likely to face significant opposition.
