SEC seeks blockchain data monitoring company to reduce risks in cryptosphere

The Security Exchanges Commission (SEC) of the United States of America (US) seeks a company that would help them monitor blockchain data to reduce potential risks.

The official SEC notification on the Federal website states that the US SEC seeks a developed solution that would allow them to monitor data through subscriptions. This would allow the SEC to monitor the blockchain for potential risks, ensure compliance with rules and update policies.

“SEC enterprise-wide data subscription for blockchain ledger data; official notice”

Specifically, SEC is interested in Bitcoin (BTC) and Ethereum (ETH) blockchains, both decentralized pioneers of the cryptocurrency sphere.

The official notice states that the minimum requirement for procurement of the solutions includes monitory subscription of Bitcoin and Ethereum blockchains.

Though, the notification also seeks subscription on Bitcoin Cash (BCH), Zcash, EOS, Stellar (XLM), NEO and Ripple (XRP) blockchain ledgers.

Cryptocurrency pundits are expecting a bullish influence on the market since the response is believed to be positive.

Bitcoin is blamed by the authorities across the globe to be the vehicle of terrorism, drug, and other criminal activities. However, the over two hundred billion dollars ($200B) market cap speaks for itself and the SEC has been seeing the cryptocurrency sphere in a positive light lately.

Member of Congress, Warren Davidson believes that the cryptocurrency sphere should be provided with proper guidelines they can comply with, and the US should take lead on this initiative.