18.1 C
New York
Saturday, September 25, 2021

Buy now

The SEC reportedly hired a blockchain analytics company to oversee the DeFi sector

The United States Securities Commission has signed a $ 125,000 agreement with blockchain analytics firm AnChain.AI to help oversee and regulate the decentralized financial industry.

According to a Friday report from Forbes, A spokesperson for the company AnChain.AI confirmed the agreement with the federal regulator, saying that the SEC and the blockchain company had the option of signing up to five separate one-year contracts for $ 125,000 each, or $ 625,000 in total. The first contract reportedly started in May.

“The SEC is very interested in understanding what is happening in the world of smart contract-based digital assets.”, said the CEO and co-founder of AnChain.AI, Victor fang. “We are providing them with technology to analyze and track smart contracts.”.

The reported deal between the government body and the blockchain company comes after the SEC chairman, Gary Gensler, will urge decentralized finance projects, or DeFi, to register with the agency, claiming they are “decentralized in some ways but highly centralized in others.” Gensler said DeFi platform developers and others could form a centralized team that falls within the regulatory purview of the SEC. The SEC recently announced that it had had its first case involving securities using DeFi technology, which resulted in an enforcement action.

According to data from CoinGecko, the sector currently has a market capitalization of over $ 126 billion. Uniswap ranks as the largest decentralized exchange by volume, with more than 1 billion DeFi tokens traded in the last 24 hours – its UNI token also leads with a market capitalization of $ 14.2 billion.

Based in California, AnChain.AI provides blockchain analytics and tracks crypto transactions across many public and private chains. According to Forbes, the company has developed solutions to make its business more “preventive” by identifying suspicious addresses and transactions rather than always conducting investigations after a hack or other incident.

Cointelegraph contacted the Securities and Exchange Commission, but received no response at press time.

Keep reading:

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected


Latest Articles