The majority leader of the United States Senate has promised to make it his goal to pass pro-crypto legislation if Kamala Harris is elected president this year. Meanwhile, the United States government appears to have moved approximately 10,000 Bitcoin associated with the Silk Road and market maker Jump Trading transferred $46.44 million worth of Ether, sparking a momentary fear of a sell-off.

Senator Chuck Schumer pledges pro-crypto laws if Harris is president

Democratic Senator Chuck Schumer, the majority leader of the United States Senate, says he’s making it his goal to pass bipartisan pro-crypto legislation by the end of the year if Kamala Harris is elected president.

Speaking at the Crypto4Harris Town Hall meeting — a grassroots crypto advocacy group pushing for a crypto policy “reset” in the Harris campaign — Schumer said lawmakers could no longer “stick their heads in the sand” when it comes to fostering crypto innovation in the US, saying:

“We cannot afford to continue to sit on the sidelines because then we risk crypto going overseas to lowest common denominator countries where there will be no regulation at all.”

US government moves 10K BTC

Data reported by blockchain analytics firm Arkham Intelligence indicates that a wallet associated with funds seized in the US government’s takedown of the Silk Road online black market recently transferred 10,000 Bitcoin to an address associated with Coinbase Prime. As of the date of the transaction on Aug. 14, the BTC would be worth around $594 million.

While this isn’t the first time the US government has transferred funds associated with the Silk Road seizure, the timing of this particular transaction is interesting given the potential political ramifications. The question of what the next US president intends to do with the nation’s Bitcoin holdings has loomed over each candidate’s campaigns. But, depending what the purpose of this particular transaction is, any potential plans for the reserve could be in flux.

Jump Trading transfers $46.44M in ETH amid sell-off, manipulation fears

Market maker and trading firm Jump Trading moved 17,049 Ether

ETH

tickers down

$2,613

worth approximately $46.44 million in preparation for an expected sell-off.

Source: Look On Chain

According to blockchain analysis firm Lookonchain, the $46.44 million worth of Ether claimed from the liquid staking protocol Lido has been “transferred out for sale.” Following the massive transfer, Jump Trading currently holds a remaining 21,394 ETH worth approximately $68.58 million as the new wave of ETH sales reportedly begins.

Further investigations based on Arkham data revealed that the shifts in funds indicate preparation for liquidity provision for trading activities across the exchange and oppose the sell-off narrative suggested by Lookonchain.

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