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SEC Solicits Blockchain Analysis Tool to Identify Wallet Owners

SEC Solicits Blockchain Analysis Tool to Identify Wallet Owners

Security

While U.S. investors are waiting for a bitcoin ETF to be approved, American financial regulators are looking to make the market more transparent. The Securities and Exchange Commission (SEC) is seeking a service that will identify the owners of wallet addresses for multiple cryptocurrencies.

Also Read: Chainalysis: Two Hacker Groups Stole $1 Billion in Crypto

The SEC Wants Crypto Transaction Details

The SEC has issued a ‘sources sought notice’ on January 31, searching for companies that can provide blockchain data to support its efforts to monitor risk and improve compliance of digital assets. The regulator is seeking a service for acquiring data on the “most widely used blockchain ledgers, including the universe of available information and transaction details.” The desired sources should provide the SEC with the capability to derive insights from available data, including “attribution data (i.e. to whom a particular address belongs).”

SEC Solicits Blockchain Analysis Tool to Identify Wallet Owners

Additional required capabilities by the SEC are the provision of data extracts on a recurring basis for the most widely used digital assets based on transaction volume; cleaning and normalizing the data to enable review and exploration; and the means to demonstrate data is accurate and complete. For this, the SEC wants a verification method it can use to ensure there is no data loss due to the processes designed to make the information easily readable.

Moving Forward on Bitcoin ETF?

The SEC is also looking for information on which of the most popular digital assets data can be provided on, options for data sharing and data transmission, processes and tools used to aggregate and compile the data, and other metrics mentioned in the document. Vendors that wish to present their services need to provide cost estimates for ongoing access or subscription to the requested data and should respond to the notice by Feb. 14, 2019.

SEC Solicits Blockchain Analysis Tool to Identify Wallet Owners

The American securities regulator has been the center of a lot of attention from institutional investors recently, as its approval is needed for U.S. financial companies to offer a bitcoin ETF. Perhaps the description of the monitoring capabilities that the SEC is seeking explains the transparency the regulator is seeking before green-lighting an ETF.

What do you think about the SEC’s intentions? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

Source : Bitcoin

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Founder and Editor-in-Chief of ‘Coinotizia’. Technology Evangelist, Security Analyst, Cryptocurrency Investor, Certified Cyber Security Expert and Web Applications Developer.