SEC Seeking Blockchain Data to Study Crypto Market
- The agency requested the interested blockchain data providing companies to submit their responses by February 14.
The United States' securities market watchdog the Securities and Exchange Commission (SEC) has recently announced that it is looking for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term data sources to conduct market research on the decade-old industry.
According to the announcement, the SEC is trying “to determine the availability and technical capability of large and small businesses to provide blockchain data to support the SEC’s efforts to monitor risk, improve compliance, and inform commission policy with respect to digital assets.”
In addition, the agency is also seeking data on popular blockchains to study and monitor the transaction details.
This came only a month after the SEC announced that cryptocurrency is one of its top priorities for research in 2019.
The announcement explained that the watchdog agency is looking to get detailed data on the sector including the processes used to extract them. It also sees verification steps to ensure any data losses which often happens due to the data transformation tools and the applied processes. The agency also emphasized the accuracy of the data and asked the interested companies to parse the data as one of its requirements.
Moreover, the agency wants the ability to identify the owners of wallet addresses for multiple Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to bring transparency in the market.
The Big Debate
The SEC is trying to get a hold on the cryptocurrency market in the US especially on the projects opting to raise funds via initial coin offerings (ICOs). However, a big debate is going on the proper classification of the tokens issued by the blockchain firms - whether they fall under securities or not.
Last month, Finance Magnates reported that the agency's hostility had forced the blockchain firms to take advantage of a loophole and promote their products only to accredited investors in the country instead of the general public. As many as 300 ICOs were approved by the SEC in 2018 opting to raise funds through this loophole.
The United States' securities market watchdog the Securities and Exchange Commission (SEC) has recently announced that it is looking for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term data sources to conduct market research on the decade-old industry.
According to the announcement, the SEC is trying “to determine the availability and technical capability of large and small businesses to provide blockchain data to support the SEC’s efforts to monitor risk, improve compliance, and inform commission policy with respect to digital assets.”
In addition, the agency is also seeking data on popular blockchains to study and monitor the transaction details.
This came only a month after the SEC announced that cryptocurrency is one of its top priorities for research in 2019.
The announcement explained that the watchdog agency is looking to get detailed data on the sector including the processes used to extract them. It also sees verification steps to ensure any data losses which often happens due to the data transformation tools and the applied processes. The agency also emphasized the accuracy of the data and asked the interested companies to parse the data as one of its requirements.
Moreover, the agency wants the ability to identify the owners of wallet addresses for multiple Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to bring transparency in the market.
The Big Debate
The SEC is trying to get a hold on the cryptocurrency market in the US especially on the projects opting to raise funds via initial coin offerings (ICOs). However, a big debate is going on the proper classification of the tokens issued by the blockchain firms - whether they fall under securities or not.
Last month, Finance Magnates reported that the agency's hostility had forced the blockchain firms to take advantage of a loophole and promote their products only to accredited investors in the country instead of the general public. As many as 300 ICOs were approved by the SEC in 2018 opting to raise funds through this loophole.