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US SEC wants to collect blockchain data, could lead to better regulations

Blockchain.TheDigitalArtist/Pixabay

Sun, 07 Jul 2019, 04:13 am UTC

Although the US is better at engaging in blockchain technology than most countries, the regulations that will allow companies going into this space to thrive have yet to be fully formed. This might soon change with the Securities and Exchange Commission (SEC) looking to collect blockchain data to assess risk. Lawmakers could then use this data to finally come up with cohesive regulations that can help the industry grow.

Posted on the website of the Federal Business Opportunities, the details with regards to exactly what the SEC is looking for include primarily those involving Bitcoin and Ethereum. It does also touch on other blockchain elements such as the many other cryptocurrencies in the market.

“The United States Securities and Exchange Commission…intends 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 post reads.

On the matter of exactly what it is looking for, the post reads, “At a minimum, the subscription shall include the Bitcoin and Ethereum blockchains…In addition, the subscription shall include as many as possible of the following blockchains: Bitcoin Cash, Stellar, Zcash, EOS, NEO, and XRP Ledger.”

Several US lawmakers have already expressed interest in finalizing actionable regulations with regards blockchain, CCN reports. Congressman Warren Davidson is among them and recently, he laid out his case for why the House has to act on this matter right now.

“This stuff has the potential to completely decentralize the way we live and make the individual central to the way they live their life,” he said.

Even the SEC has Commissioner Hester Peirce who has become so vocal in trying to have regulations finally set up that she has been dubbed the “Crypto Mom.” With this request for blockchain data, the commission is much closer to finally achieving this goal.

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