SEC seeks partner to start tracking blockchain transactions

sec to monitor blockchain transactions

In recent media reports from multiple sources, it was revealed that the United States Security and Exchange Commission (SEC) had initiated efforts towards its scheme to start tracking cryptocurrencies. This would include all transactions that will be made on the blockchain network by both anonymous and non-anonymous users.

The report clearly indicated that the agency was looking for a mediator to assist in the analysis of the data and to verify the perils in the trade of the cryptocurrencies. An ideal company would assist them in extracting the data as well as organizing and modifying the data to enable analysis and scanning. Although the SEC is still working on the various details on the project and a great deal of these details is expected to come from the technical partner.

Moreover, this process would be regular and the volume traded through different tokens will determine intervals between data extraction. Furthermore, the SEC wants the company to keep extreme transparency in the process. SEC wants to receive an overview of the tools and processes that the company uses in order to provide the agency with the required data.

In summary, the vendor will be conducting the processes while SEC will have a clear idea of how it is done and the watchdog will have access to it in any particular times. The companies interested in the offer are to submit responses before 14th of February. The system is expected to be deployed before the end of the year.

Rommel Dumlao

Rommel Dumlao

Writer, editor, content provider Rommel is a freelance writer and editor for ten years. He has worked in numerous formats, including magazine articles, blogs, social media, and copywriting.

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