The case involved the ownership of Battle Born Investments, a corporation that owns 100% of the shares of which are owned by the American company.
The lawsuit claims that a company called Silk Road Investments purchased the rights to Bitcoins seized from Silk Road through its bankruptcy estate.
The Supreme Court's decision not to hear the case makes it more likely that the U.S. government will sell off the bitcoin.
Battle Born filed for bankruptcy after Silk Road was shut down in 2013 and went public.
They claim to have acquired the coins, but this claim was rejected by both a district court in 2022 and an appeals court in 2023.
A San Francisco appeals court judge dismissed the case last year, and Battleborn
The Supreme Court ruled that the U.S. has no valid claim to Bitcoin. The U.S. Supreme Court hears only 100 to 150 cases out of the more than 7,000 cases it hears each year.
The Supreme Court's decision makes the U.S. government's civil forfeiture actions much more likely to succeed and allows the government to sell Bitcoin.
The US government has already transferred about $2 billion worth of Bitcoin related to Silk Road on July 29.
The investigation had ties to the U.S. Marshals Service, which manages cryptocurrencies through Coinbase Prime.
Government sales of large amounts of Bitcoin could cause major volatility in the market. This is the case after the German government sold 50,000 Bitcoin in June and July.
It is unclear how the US government will handle these bitcoins, but Republican presidential candidate Donald Trump has said he will not be taking any action against them.
Donald Trump has pledged to build a strategic Bitcoin reserve if he wins the November 5 presidential election.
Democratic candidate Kamala Ha Ri Su has spoken out about the cryptocurrency seized by the U.S.
) has never publicly commented on how it will handle the situation.
2024/10/08 17:41 KST
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