SEC Wants To Run Nodes For Popular Crypto

If you can’t beat em join them. This is what many think about SEC and US government at the moment, but is this entirely true?

As they state in their official release note, they intent “to procure a commercially available off-the-shelf (COTS) enterprise-wide data subscription for blockchain ledger data to support its efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets.”

The cryptocurrencies that SEC first targets to run a node are Bitcoin, Ethereum and XRP. There are also rumors that they want to extend their data on other cryptocurrencies like Bitcoin Cash, Stellar, Zcash, EOS and NEO.

Reading the announcement, we can see that it is essentially a contract offer to analytics companies. The offer is only for companies which already engaging in research and monitor activities of these blockchains.

SEC Motives

SECs wants not only have data on various major blockchains but also to analyze them for its own purposes. We conclude this, because the data they want to gather is already offered by a number of free blockchain explorers.

At whether this is good news or bad news is controversial and has divided the community in those who think is a good sign of acceptance and to those who believe that this is going to be one more way of blockchain surveillance.

source fbo.gov image by bitcoinexchangeguide.com

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