US SEC Aims To Provide Big Data View Tool For Blockchains

The United States Securities and Exchange Commission is trying to provide a tool for Big Data view for all major blockchains and according to a solicitation notice published that we are covering in today’s blockchain news, the regulator is looking for both large and small businesses that can provide the needed data for the most used blockchain ledgers based on transaction volume.

The SEC aims with this to easily monitor risk and improve compliance all this related to cryptocurrencies.

The regulator also requires the data in a ‘’reviewable’’ format so it can have a quick overview of how the information is converted after it is extracted in order to make sure there is no loss in data and there is also accuracy maintained. The agency is also seeking to identify all of the transaction details.

The news comes right after the regulator announced that cryptocurrencies will be a top priority of examination for the agency this year including all of the concerns that are related to safekeeping and custody of the investor’s assets, value and misleading disclosures.

Back in October 2018, the SEC set up the strategic Hub for innovation and financial technology in order to make available for fintech startups to navigate the legal implications of their products.

The Securities and Exchange Commission says that it soon plans to release guidance on when and how should cryptocurrencies be classified as securities just so the developers will have it easy when they try to determine on their own for any token offering.

Another US regulator, the Commodity Futures Trading Commission says it was also looking to learn more about Ethereum so it can make sure that derivatives market is in compliance based on cryptocurrency.