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The Securities and Exchange Commission announced today it is spinning out its Strategic Hub for Innovation and Financial Technology (FinHub) into a standalone office.

The post The SEC is spinning out its FinHub initiative into a standalone agency office appeared first on The Block.

Bitcoin’s price is in a tight range Thursday while some investors are moving into ether.

Many investors aspire to hold bitcoin as a store of value, but right now the cryptocurrency is very volatile, said the head of Fidelity Digital Assets.

Quick Take

• This year the government of Sichuan — China’s biggest mining hub — seemed to officially embrace bitcoin mining farm operators.
• But competition for profits between power plants, mining farm operators and the government makes the future of this arrangement uncertain.

The reorganization strengthens FinHub’s ability to address the digital assets space.

A sharp drop in OKEx’s trading volume and stablecoin reserves – tether in particular – may reveal an ongoing exodus of its users after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks.

WBTC burns picked up in November, continuing into December.

The creators of the stablecoin platform Terra are launching Mirror Protocol, a way to mint crypto assets that mimic U.S. stocks.

The hedge fund manager has 1% to 2% of his multi billion-dollar portfolio in bitcoin.

Quick Take

• Crypto’s prime brokers are expanding their businesses as more traditional investors eye crypto.
• Firms like BitGo, Coinbase, and Genesis Global are courting publicly traded companies, macro funds, and fintech firms with their services. 
• They’re also having conversations with Wall Street’s large banks.