An official announcement rolled out on Jan 31, 2019, unveils that the SEC or Securities and Exchange Commission is analyzing blockchain transaction.
SEC to closely Analyze blockchain Services
According to the official report, the agency is looking for a supplier or vendor that would help them determine and monitor risk on grounds of digital assets. The opportunity is open for those that can extract blockchain data and parses them to make it reviewable. The opportunity page of SEC 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 suppliers/vendors would further expected to enable SEC to access the data from the most widely used blockchain ledger. Besides data, SEC also demands to look at the process being used to extract the data and convert in reviewable format. This is to assure that the data transformation doesn’t lead to any kind of loss. Moreover, the requirement for the data provision mentioned by SEC website includes;
- 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
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