- SEC Chair Paul Atkins noted that any potential US seizure of Venezuela’s alleged US$60 billion Bitcoin hoard remains uncertain and falls under the administration’s broader jurisdiction.
- Blockchain forensics firms and analysts have not verified the rumored 600,000 BTC, with some finding no evidence of such large-scale holdings in state-linked wallets.
- Experts expect stablecoin use to persist in Venezuela as a critical tool for citizens to manage hyperinflation and for the state to bypass international sanctions.
Securities and Exchange Commission (SEC) chair Paul Atkins is weighing the idea of the US seizing any Bitcoin allegedly held by Venezuela, after US forces removed and captured Nicolás Maduro, the country’s former leader.
Speaking on Fox Business in an interview with Stuart Varney on Monday, Atkins was asked about claims that Venezuela controls as much as 600,000 BTC, valued at up to US$60 billion (AU$91.8 billion).
Atkins said it “remains to be seen” what action could be taken and added he was not involved, leaving any decision to “others in the administration.” Keep in mind the reported holdings have not been verified.
Read more: Bitcoin Faces Consolidation After Disappointing 2025, Analysts Cautious on Near Term
The Crypto Dilemma in Venezuela
The claims surfaced after Maduro was taken to the United States to face criminal charges in New York. Maduro pleaded not guilty to narcotrafficking charges at his arraignment in US federal court, according to reports.
Separately, crypto-intelligence firm Inca Digital said stablecoin use in Venezuela is likely to persist even after Maduro’s removal because it is driven by local economic conditions. Its chief executive, Adam Zarazinski, told the Wall Street Journal that crypto acts as a day-to-day coping tool for Venezuelans but is also used for sanctions evasion in an environment of weak governance.
Crypto use in Venezuela will persist and likely expand in the short term. For everyday users, it’s a coping mechanism for economic dysfunction and failing institutions. But those same governance failures also enable sanctions evasion, an outcome that won’t change without credible improvements in governance.
Adam Zarazinski, CEO of Inca Digital. Reporting also highlighted Tether’s role in Venezuela, as the US dollar-pegged stablecoin has been used in oil trade settlement to sidestep sanctions and as a store of value for residents facing a collapsing bolivar and hyperinflation, exactly as Zarazinski said.
Those payment flows could also become relevant if US authorities attempt to trace funds allegedly stolen by the Maduro government.
Read more: Zodia Custody Unlocks Institutional Access to Australia’s First Regulated Stablecoin
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