to move that kind of BTC they would most likely have to sell it on an exchange*
It would be extremely interesting which exchange they use.
By using the exchange aren't they in a way giving a green light as to the legitimacy of a particular exchange?
If they don't outright state which exchange they use to liquidate ...a FOIA might be able to be filed.
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The foreign currency conversion reference you provided appears to be specific to New Jersey .. however I found similar Fed regs
9-111.600 Seized Cash Management
" To the extent practical, negotiable instruments and foreign currency should be converted and deposited."
http://www.justice.gov/usao/eousa/foia_reading_room/usam/title9/111mcrm.htm---
If the feds are concerned about the fluctation in Bitcoin price they are also allowed to sell
Users Bitcoins Seized by DEA: The DEA consolidated the regulations for seizure and forfeiture in October 2012. This included “… Sec. 8.14 {which} adds a provision to the Department’s regulations allowing for the pre- forfeiture disposition of seized property when the property is liable to perish, or to waste, or to be greatly reduced in value while being held for forfeiture, or when the expense of holding the property is or will be disproportionate to its value.”
http://letstalkbitcoin.com/users-bitcoins-seized-by-dea/* An interesting alternative could be to simply auction off the Bitcoin to the highest bidder (likely a pool created for the purspose of purchasing)
http://www.treasury.gov/services/Pages/auctions_index.aspxdunno... this could be crazy talk.
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