The German government sends another 2,000 Bitcoin to exchanges as its massive sell-off nears conclusion, while the cryptocurrency industry enjoys unprecedented political influence in the United States with Donald Trump confirmed to headline Bitcoin 2024 in Nashville.
TL;DR
- German BKA holds approximately 6,894 BTC (~$395 million) as of July 12, down from nearly 50,000 BTC seized
- Donald Trump confirmed as headline speaker at Bitcoin 2024 conference in Nashville on July 27
- Republican Party adds crypto planks to official platform, pledging to halt regulatory crackdown
- U.S. House fails to override Biden veto of SAB 121 disapproval resolution
- SEC drops investigation into Paxos over BUSD stablecoin — another regulatory win for crypto
German Government Wind-Down Continues
Germany’s Bundeskriminalamt (BKA), the federal criminal police office, continues to unwind one of the largest Bitcoin seizures in history. The agency seized nearly 50,000 BTC — valued at approximately $2.17 billion at the time — from operators of the illegal streaming platform Movie2k.to, which distributed over 880,000 pirated films between 2008 and 2013 before converting proceeds into Bitcoin.
By July 12, the BKA wallet balance drops to approximately 6,894 Bitcoin, worth roughly $395 million at prevailing prices. Blockchain analytics from Arkham Intelligence shows the German government transferring more than $390 million in Bitcoin to exchanges including Coinbase, Kraken, and Bitstamp over recent weeks. In the days leading up to July 12 alone, over $195 million in Bitcoin moves to exchange wallets.
The sell-off strategy — gradual transfers rather than public auctions — draws mixed reactions. While the approach aims to minimize market disruption, the constant flow of Bitcoin to exchanges creates persistent selling pressure. Bitcoin trades around $57,899 on July 12, showing resilience despite the government-driven supply overhang.
Crypto Becomes a Political Football in U.S. Elections
The week of July 8-12 marks a watershed moment for cryptocurrency in American politics. Bitcoin Magazine confirms that former President Donald Trump headlines the Bitcoin 2024 conference in Nashville, scheduled for the main stage on Saturday, July 27. The appearance follows months of outreach between the Bitcoin industry and the Trump campaign.
Trump’s pro-crypto pivot accelerates. At the Libertarian Party convention in late May, he pledges to “keep Elizabeth Warren’s goons away from your Bitcoin” and promises to commute Ross Ulbricht’s sentence. In mid-June, he meets with Bitcoin mining executives at Mar-a-Lago. Now, his campaign embraces crypto as a genuine policy platform.
The Republican Party takes the extraordinary step of adding cryptocurrency language to its official platform. The platform committee includes: “Republicans will end Democrats’ unlawful and un-American Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”
Fairshake PAC Becomes Second-Largest Super PAC
The Fairshake PAC, which supports crypto-friendly candidates, reaches $177.8 million in fundraising as of July 11 — making it the second-largest Super PAC by money raised, trailing only Make America Great Again Inc. at $178.5 million. The political spending marks the cryptocurrency industry’s most aggressive entry into electoral politics.
Democrats Respond With Crypto Outreach
Not to be outmaneuvered, the Biden administration signals a shift. Senior advisor Anita Dunn meets with more than a dozen crypto industry leaders in a session organized by Democratic Representatives Ro Khanna and Joe Neguse, alongside Senator Kirsten Gillibrand. Attendees reportedly include Mike Novogratz of Galaxy, Mark Cuban, Anthony Scaramucci of Skybridge, and Brad Garlinghouse of Ripple.
However, the House fails to override President Biden’s veto of the SAB 121 disapproval resolution. The override vote receives 228 votes in favor and 184 opposed — falling short of the 290 required. SAB 121, the SEC staff guidance requiring public companies to carry custodied crypto assets as balance sheet liabilities, remains in effect.
SEC Drops Paxos Investigation
In another positive regulatory development, the SEC formally drops its investigation into Paxos Trust Company over the BUSD stablecoin. The regulator notifies Paxos that it will not pursue enforcement action, marking a significant victory for the stablecoin issuer and the broader crypto industry. The investigation, initiated in February 2023 when the SEC issued a Wells notice alleging BUSD was an unregistered security, ends without charges.
Why This Matters
The convergence of declining government selling pressure and crypto’s emergence as a genuine political issue in the 2024 U.S. presidential election creates a unique inflection point. With Bitcoin holding above $57,000 despite the German government dumping billions in seized BTC, the market demonstrates remarkable absorption capacity. Meanwhile, both major U.S. political parties now actively court the crypto voting bloc — a development that seemed unthinkable just two years ago.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
from 50k BTC down to under 7k. the German government sold near the local bottom as usual
movie2k.to seizing 50k BTC in 2013 and the government slowly dumping it for years. classic state-level paper hands
195 million moved to exchanges in days before this article and BTC only dipped to 57.8k. market absorbed it like nothing