As cryptocurrency becomes more and more mainstream, it is worth noting that it has been treated more and more like fiat currency, especially by regulators and law enforcement. This is because as it becomes more popular, there is a greater need for regulation and this means that regulatory bodies are interacting more with the cryptocurrency industry, whether it is enforcing these laws or trying to prevent the misuse of cryptocurrency. As cryptocurrency continues to become even more mainstream, this is only going to become more prominent and is a great sign of progress.
According to recent announcements, the United States Marshals Service (USMS), will be auctioning roughly 4000 bitcoins which have been confiscated in the past.
Call to Auction
The bitcoins that will be auctioned are worth roughly $37 million and according to the official website of the US Marshals Service, a $100,000 deposit is required before anyone can join in the auction. After the auction takes place, the non-winning bid deposits will be returned to their owners within five working days. The bitcoins that are going to be sold come from seizures that took place during civil, criminal, administrative and court proceedings. This is in the same vein as valuable items that are usually seized during proceedings are often auctioned and it is interesting to see cryptocurrency join the ranks.
Registration for the auction will be open from February 3, 2020, to February 12, 2020, and the winners of the auction will be announced on February 18, 2020. The winners of the auction might be announced a bit later depending on how many bids are received for the cryptocurrency. This is not the first time that the US Marshals Service will be auctioning bitcoin as they had announced an auction in January 2018 and another in October 2018. Around the world, the auctioning of bitcoin by authorities is growing in popularity and this is likely a good sign.