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wilslaw

US SEC seeks Blockchain Analytics Companies for data review

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The U.S Securities and Exchange Commission issued a statement on 31st January, which says that it is in search of sources for blockchain data and its analysis.

The statement revealed that the commission is in search of businesses that will offer blockchain data to help support its activities such as compliance enforcement and risk monitoring, and also inform the agency about digital assets. In January, the SEC revealed that cryptocurrencies is one of its top priorities for 2019.

 

According to the statement, the SEC said that it was interested in potential data sources regarding well-known blockchain ledgers. The companies will be required to both provide the data as well as parse it for easy review.

 

In addition, the agency also needs information about the overview of how the data was extracted, converted and verified. The commission has also requested that the participating companies outline their “capability to derive insights from the available data,” including the identification of those that own crypto addresses.

 

The document noted that companies that wish to attend to the request should email their response by 14th February. Last year August a U.S Drug Enforcement Administration agent, Lilita Infante noted that despite the more anonymous nature of privacy-focused cryptos compared to Bitcoin, the agency still has ways of tracking them. She said:

Quote

The blockchain actually gives us a lot of tools to be able to identify people. I actually want them to keep using them cryptocurrencies.

 

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