The US Securities and Exchange Commission (SEC) plans to run Bitcoin and Ethereum nodes through contractors and "cover as much of the following blockchain as possible: Bitcoin Cash, Stellar, Zcash, EOS, NEO and XRP Ledger."
According to trustnodes, the SEC did not provide specific reasons why they needed to run their own nodes, but only stated that they "support monitoring risks and improve compliance." It also specifically states that "all blockchain data should be obtained from the managed node, rather than from the secondary source (such as the blockchain browser)."
As a result, the SEC may be looking for an analytics company to outsource blockchain monitoring and compliance investigations. The data they need also includes "hash algorithms, hashing capabilities, mining difficulty and rewards, number and size of transactions, cryptocurrency and blockchain capacity".
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This type of data is usually available through many free blockchain browsers, but they may want to analyze more than just data because they require contractors to “prove that the rigor of data processing and normalization meets the requirements of financial statement audit testing” . The SEC requires a one-time supply of all data after the Genesis block, and then updates it daily through the APIs they provide. This means that the SEC may be seeking to implement a blockchain monitoring system.
Bitcoin is a decentralized and decentralized open network where anyone can run Bitcoin nodes and access all data, but the SEC has no jurisdiction over Bitcoin. However, activities on the chain may be within their jurisdiction. For example, when Ethereum was launched four years ago, it raised funds on the Bitcoin blockchain.
The SEC has previously stated that Ethereum is not a security, but it has not yet clarified whether XRP is a security or whether it is a security in many other tokens running on Ethereum.
Either way, the move means that US regulators are working on encryption, although it is unclear what the SEC's true intentions are.
By Liang CHE
This article comes from pushing bitpush.news