According to a recent report, the U.S Security and Exchange Commission (SEC) has commenced plans to start tracking and monitoring blockchain transactions. It was unveiled that the American top financial watchdog is analyzing blockchain transaction.
SEC is Looking for Data Supplier Or Vendor
The report made it know that the SEC is actively searching for a supplier or vendor that would help with the determination and monitor of risk associated with transacting in virtual currencies. The perfect vendor will be any company that can help it extract blockchain data and parses them to make it reviewable. What this means is that the vendor will not only extract the data, it will also help too;
*.Provide data extracts on a recurring basis for the most widely used blockchain ledgers, based on transaction volume.
*.Cleanse and normalize data to enable review and exploration. Provide capability to derive insights from the available data, including attribution data (i.e to whom a particular address belongs).
*.Provide a means to demonstrate the data provided is accurate and complete.
The SEC statement announcing the opportunity reads that:
“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 Needs Full Access
Besides the analysis service, the vendor is required by the SEC to provide an overview of the processes and tools they would use to extract convert and verify the data. So even though the vendor will be in charge of the operation, the SEC has an idea of how it is done and have access to it at any point in time.
For any vendors interested in the SEC’s offer, a deadline of February 14 has been fixed for responses.