Bitcoin influencer Pierre Rochard has referred to as on lawmakers to stop greater than $1.6 billion price of seized Bitcoin from being auctioned, proposing as a substitute that confiscated cash be put right into a strategic BTC reserve.

Rochard, a Bitcoin maximalist behind the current controversy over ETH’s total supply, desires legislators to draft and cross a invoice containing amendments to the Judiciary Act of 1789 that may permit the U.S. Marshals Service to carry onto any Bitcoin it obtained.

In a weblog publish published on Dec. 16, Rochard warned in opposition to the auctioning of 69,370 Bitcoin seized by the IRS in November from an alleged Silk Road hacker, noting that the U.S. Legal professional’s Workplace has filed a civil criticism for forfeiture of the BTC.

Chatting with Cointelegraph, Rochard emphasised the “pressing” must replace the laws, asserting he expects the U.S. Marshals Service to win its forfeiture case and public sale off the Bitcoin “inside the subsequent six months.”

“We have to get this regulation handed in a short time in order that we are able to cease the public sale,” he stated.

In his weblog, Rochard emphasizes that the previous auctions of greater than 144,000 Bitcoins in 2014 and 2015 generated solely $122 million, whereas those self same crypto property would as we speak fetch greater than $3.32 billion.

“The expeditious auctioning off of seized Bitcoin was, for my part and with the good thing about hindsight, a mistake.”

Whereas the cash seized in November are price $1.6 billion as we speak, Rochard suggests the USA will reap extra worth by holding onto the Bitcoin for the long term, urging lawmakers to permit “Congress time to deliberate on the disposition of this distinctive asset.”

“The Federal Reserve can create an infinite amount of US {dollars}, the proceeds obtained within the public sale. Bitcoins cannot be created out of skinny air and there’s a restricted amount of them […] A big strategic reserve of Bitcoin could also be essential for our nationwide safety.”

Rochard informed Cointelegraph Bitcoin will quickly play a “essential” function within the treasury of nationwide governments, predicting that “we are going to see governments develop giant sovereign wealth funds of Bitcoin over the approaching decade.”

“If the U.S. desires to keep up its management, each financially and in addition in science and expertise, then we must always develop a Bitcoin reserve fund on the federal stage,” he stated, including:

“Within the first occasion, get the seized cash into it, however then as we transfer ahead, we’re going to need to add to that reserve as effectively.”