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SEC hires blockchain analysis service to monitor DeFi

The US Securities and Exchange Commission reportedly signed a $ 125,000 contract with the blockchain analysis firm AnChain.AI to help them oversee the area of ​​decentralized financial services (DeFi).

According to a report by Forbes on Friday, a spokesman for AnChain.AI confirmed the contract with the supervisory authority. The contract can be extended for a further four years at the same conditions, whereby $ 125,000 or a total of $ 625,000 are due per year.

“The SEC is working hard to understand what is going on in the world of smart contracts-based digital currencies,” said An.Chain CEO Victor Fang. And further: “We provide you with the necessary technology to analyze and track smart contracts.”

The cooperation between the supervisory authority and the blockchain analysis company comes shortly after SEC boss Gary Gensler asked the DeFi industry to register with the stock exchange regulator. In this context, he argued that DeFi projects are often very centralized after all, which puts them under the jurisdiction of the SEC. The authority has only recently taken action against a DeFi project that is said to have defrauded investors.

According to data from CoinGecko, the industry currently has a market cap of more than $ 126 billion, with Uniswap being the largest decentralized crypto exchange in the market. In the past 24 hours, the platform has seen over $ 1 billion in DeFi token trading. The company’s own cryptocurrency UNI leads the field with a market capitalization of 14.2 billion US dollars.

California-based AnChain.AI specializes in blockchain analytics services. It locates suspicious addresses and transactions in order to prevent illegal activities in advance.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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