2019-2-5 04:34 |
A recent press announcement by SEC reveals that the US Securities and Exchange Commission plans to start tracking and monitoring blockchain transactions.
The synopsis of the press release is as follows:
“The U.S. Securities and Exchange Commission (SEC) is issuing these sources sought notice as a means of conducting market research to determine the availability and technical capability of large and small businesses to provide blockchain data to support the SEC's efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets. The SEC is seeking information for potential sources to support the goal of acquiring data for the most widely used blockchain ledgers, including the universe of available information and transaction details.”
To implement this, they are actively seeking vendors that would assist with the resolution and monitor of risk connected with transacting in digital assets. An ideal vendor would be one that can help it obtain blockchain data and resolve them to make it reviewable. Additional responsibilities of the vendors will be;
Render data extracts on a recurring basis for the most widely used blockchain ledgers, based on transaction volume. Absolve and normalize data to facilitate analysis and research. Provide ability to obtain insights from the accessible data. Provide a means to demonstrate the data presented is correct and comprehensive.For any vendors interested in the SEC’s offer, a deadline of February 14 has been fixed for responses.
SEC thinks that more decentralized a token is, means that the ownership is more distributed, hence less likely it can be secured. Only two cryptocurrencies are recognized by the SEC as non-securities: Bitcoin and Ethereum.
SEC, through this newly available blockchain data can determine crypto ownership to a large extent. This can help them fairly assess that a token is a security or not.
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