SEC Looks to Blockchain for Improved Verification Model

In a development which may be received in the cryptocurrency space with a certain degree of irony, the United States Securities and Exchange Commission (SEC) has expressed an interest in employing blockchain tech as an analyzing tool in the government department.

The SEC wants to hunt out firms which may be able to support the agency identify owners of cryptocurrencies with more clarity, particularly those with wallet addresses for multiple currencies. In order to improve its attribution data capability, the SEC has published the following request:

“The SEC is seeking information for potential sources to support the goal of acquiring data for the most widely-used blockchain ledgers, including the universe of available information and transaction details.”

The SEC has said that it needs a blockchain solution which will guarantee no data loss to its verification methods and has exacting requirements as to any analytics company it engages for the task. The measures not only carry the obvious irony of using the backbone of a technology which it has spurned in the past to solve an in-house problem but is seen by some in the industry as worrying, clearly demonstrating that the SEC still has cryptocurrencies under their microscope.

Another development that was cause for further industry concern happened last year when the US Drug Enforcement Administration (DEA), through Agent Lilita Infante, declared:

“The blockchain actually gives us a lot of tools to be able to identify people. I actually want them to keep using them [cryptocurrencies].”

 

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