SEC has Partnered with Blockchain Analytics Firm to Monitor DeFi Space
SEC has been in constant warfare with Ripple over the differences in their understanding of what XRP is. Ripple believes that they made it apparent to SEC that XRP is a cryptocurrency and not security, but SEC contradicts this statement by saying that XRP is registered with them as security and not a valid cryptocurrency. The was a difference in legal understanding of XRP; SEC was pulled into a legal battle with Ripple, which is still ongoing with no possible champion as of today. SEC definitely wants to improve its game when it comes to developing and enforcing regulations over crypto space which is why it has decided to partner up with a reputed blockchain analytics farm for the sake of monitoring DeFi space more closely.
SEC Wants to Regulate DeFi Space Amid Increasing Illegal Activities
A $600K worth of contract has been drafted with SEC by AnChain.AI, which will provide SEC with all the access it needs for the regulation and monitoring of the DeFi space. Victor Frank, the CEO of a blockchain firm in partnership with the Securities and Exchange Commission, did come forward to issue his opinion on the subject.
He says that SEC is practically very keen on understanding the current marketplace for smart contracts, and that is why the firm is providing SEC with all the technology to analyze and trace these smart contracts. AnChain is a devoted blockchain company that oversees crypto, DeFi, and other financial space for any illegal activity that is apparent and for the sake of reporting this activity to the proper authorities. In this new partnership, SEC will be able to use modern computing equipment for analyzing any illegal activity across smart contracts space; not only this, but preventive measures could also be drafted so that both the final customer and the exchange could continue with honest trading. SEC is slowly turning the wheel towards crypto space, and many employees working at the Commission think that decentralized space is both promising and quite advanced, but still, there is a need to keep an eye out for the malicious actors. This is where this new partnership is likely to shine.
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