U.S. Securities and Exchange Commission Chair Paul Atkins said it remains uncertain whether the U.S. government will pursue control or seizure of Bitcoin holdings widely rumored to be linked to Venezuela, as Washington focuses on defining clearer rules for digital asset markets.
Atkins addressed the issue during a Monday interview with Fox Business, where he emphasized that decisions related to potential asset confiscation fall outside the SEC’s scope. Reports have circulated for years about a large reserve of Bitcoin allegedly tied to the Venezuelan government, but no verified evidence has emerged to confirm its existence.
“I leave that to others in the administration to deal with — I’m not involved in that,” Atkins said when asked whether the U.S. might attempt to seize the reported holdings.
The rumored reserve has been estimated at roughly 600,000 BTC, with valuations ranging between $56 billion and $67 billion based on recent prices. If confirmed and brought under U.S. control, such a cache would rank among the largest Bitcoin holdings in the world.
Origins of the Venezuela Bitcoin claims
Speculation about a so-called Venezuela Bitcoin stash has circulated in crypto and intelligence circles since at least 2018. The claims suggest that the Venezuelan government accumulated Bitcoin through gold sales, oil transactions settled in stablecoins, and other opaque arrangements.
Regardless of the estimated amounts, there is no on-chain evidence supporting the existence of wallets holding such sums for the Venezuelan state.
The uncertainty has persisted even as Venezuela engaged with digital assets in other ways. The Maduro administration launched an oil-backed digital currency in 2018, which drew international scrutiny but failed to gain lasting adoption.
Political backdrop adds complexity
Renewed attention to Venezuela’s alleged Bitcoin holdings followed reports that U.S. forces, acting under the direction of President Donald Trump, captured then-President Nicolas Maduro last week and transferred him to the United States to face criminal charges in New York.
Atkins did not comment on the arrest or its implications for potential asset seizures. He reiterated that the SEC’s role does not extend to decisions about confiscation or foreign asset recovery.
“It remains to be seen” what action the U.S. government might take if such holdings existed, Atkins said earlier in the interview.
Focus shifts to crypto market structure legislation
Rather than dwelling on the Venezuela question, Atkins highlighted legislative developments in Congress that aim to clarify oversight responsibilities in U.S. crypto markets.
“This week is an important week because the Senate is taking up a bipartisan bill that will bring clarity and certainty to the crypto world,” he said, referring to the Digital Asset Market Clarity Act, also known as CLARITY.
The bill seeks to define the regulatory boundaries between the SEC and the Commodity Futures Trading Commission. House lawmakers passed the legislation in July, but it has remained under Senate review for months. A 43-day government shutdown in October and November slowed progress.
The Senate Banking Committee is scheduled to hold a markup on the bill this week.
Industry concerns and possible delays
Banks and several crypto companies have raised concerns about provisions related to stablecoin rewards within the draft legislation. Some Democrats have called for stronger ethics safeguards and clearer rules around decentralized finance.
The bill also faces potential delays due to campaigning ahead of the 2026 midterm elections and the possibility of another government shutdown at the end of January. Early drafts of the legislation showed an effort to expand the CFTC’s authority over digital assets.
Atkins said the legislation represents a step toward reducing regulatory ambiguity and improving investor confidence.
Reference to earlier crypto legislation
Atkins also pointed to the Genius Act, which passed late last year, as the first statute to formally recognize crypto assets under U.S. law. He credited the law with improving clarity around stablecoin frameworks.
He said the SEC continues to coordinate with the new CFTC chairman and remains prepared to enforce regulations once Congress establishes a clearer legal structure.
While ethical questions related to public officials and crypto business interests remain under Congressional oversight, Atkins said the agency’s immediate focus centers on regulatory clarity rather than asset seizure debates.
Tanya Petrusenko
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
