US Gov’t Holds $6B in Bitcoin: Robinhood Connect Allows Access from External Wallets

• US government has $6B worth of Bitcoin according to Glassnode data
• Coinbase suggests SEC action is motivated by Gary Gensler’s own views
• Robinhood Connect to allow access from external crypto wallets

US Government holds $6 Billion Worth of Bitcoin

Glassnode data indicates that the US government currently holds $6 billion worth of Bitcoin. This news comes as the SEC takes steps to regulate cryptocurrency, with chairman Gary Gensler’s personal views playing a significant role in this. Furthermore, Congressmen have raised concerns over regulators‘ attempts to ‚de-bank‘ the crypto industry.

Coinbase Suggests SEC Action is Motivated by Gary Gensler’s Views

Coinbase has suggested that the recent moves by the Securities and Exchange Commission (SEC) are being driven largely by Chairman Gary Gensler’s own views on cryptocurrencies such as Bitcoin. A vigilante hacker also recently burned hundreds of Bitcoins held in wallets used by Russian intelligence agencies.

Gensler Analogizes Crypto vs Securities

The SEC Chairman recently analogized cryptocurrencies versus securities to calling a dog a goldfish, which sparked backlash from members of the community. This analogy was made in reference to the question of whether digital assets like Bitcoin should be classified as securities or commodities, which is an ongoing discussion within the regulatory space.

Congressmen Raise Concerns Over Regulators‘ Efforts

members of Congress have raised concerns about prudential regulators‘ efforts to ‚de-bank‘ the cryptocurrency industry, citing potential negative impacts on innovation and consumer protection in this space.

Robinhood Connect Allows Access From External Crypto Wallets

Robinhood announced recently that it will be launching a new feature known as Robinhood Connect, which will allow users to access its cryptocurrency features from external applications such as Exodus and Phantom wallets. The feature will initially be available for these two wallets but may expand to more applications in future months.