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SEC Launches FinHub to work with Cryptocurrency Startups
The U.S. Securities and Exchange Committee is launching a new fintech hub, called the Strategic Hub for Innovation and Financial Technology (FinHub), to work with companies using blockchain technology and launching ICOs.
FinHub will publicize decisions made by the SEC surrounding cryptocurrencies as well as act as a forum for companies to navigate the legal implications for their offerings. SEC chairman Jay Clayton stated that the agency is looking to work with investors and other market participants on issues such as capital formation and financial services.
U.S. Marshals to auction off $4.3 million worth of Bitcoin
The U.S. Marshals announced they will be auctioning off 660 Bitcoins, currently worth roughly $4.3 million. The Bitcoins were confiscated from 31 different asset forfeitures related to money laundering and scams. The auction, which is scheduled for November 5th, requires bidders to deposit $200,000 when they registered.
The U.S. Marshals have already liquidated 5,700 Bitcoins, roughly $50 million, in the past year. This will be the 3rd time the federal government has auctioned off crypto assets.
Bitcoin Futures Volume Jumps 41% in Q3
The Chicago Mercantile Exchange (CME) Group, which operates an options and futures exchange, has reported a 41% increase in average daily Bitcoin futures volume. During Q3, the exchange averaged 5,053 contracts traded during each daily trading session, representing 25,265 BTC in volume. At the current exchange rate, this equates to $162 million in daily trading volume.
The exchange does not currently plan on offering any other cryptocurrency product besides Bitcoin futures.