The US SEC plans to run Bitcoin and Ethereum nodes, eToro analysts: I never expected that I will wait until this day.

According to Trustnodes today, the US Securities and Exchange Commission (SEC) plans to run Bitcoin and Ethereum nodes through contractors. It is reported that the SEC hopes to run blockchain nodes based on "using BCH, Stellar, Zcash, EOS, NEO and XRP distributed ledgers as much as possible".

For better first-hand data and monitoring risk

It is understood that the SEC does not specify the specific reasons for running its own nodes, but it indicates that it hopes to obtain data from the source and monitor financial risks.

“We want to better achieve the goal of monitoring risk, improving compliance, and informing the committee about digital assets. And we should get all blockchain data from the escrow node instead of passively letting others give us data (eg through the district) Blockchain explorer)."

In terms of the type of data they wish to acquire, they want to obtain data on “hash algorithms, computing power, mining difficulty and rewards, number and size of transactions, token supply and blockchain size”. And this data is provided free of charge by a large number of blockchain explorers. However, it is speculated that the SEC not only wants to get the data, but they also want to analyze the data.

Currently, the SEC may be looking for an analytics company to outsource its blockchain monitoring and compliance investigations. The SEC's requirements for contractors can be said to be very strict:

“The contractor should need to prove that the rigor of data cleansing and normalization is in line with the requirements of the financial statement audit test. If the (contractor) provides the attribution data, the blockchain data needs to be mixed with the attribution data points. Process and data sources are described to help the SEC gain insight."

In addition, the SEC also stated that the contractor should provide all the data from the initial block at one time and then update it daily through the API. They also hope that the contractor will be able to add a new blockchain within three months, which means that the SEC wants to implement a chain monitoring system that helps the SEC determine if a token or project is secure enough.

In fact, with the help of this new system, the tokens that you want to issue may only be subject to very little policy and regulatory pressure, as many things can be automatically generated through blockchain analysis.

Last year, the head of the SEC said that Ethereum is not a security

According to Yahoo Finance last June news, the US Securities and Exchange Commission (SEC) financial director William Hinman (William Hinman) said in a statement that the token itself is not a security.

“If the network running the tokens is decentralized and the buyer believes that no one is starting a business on a centralized network, then these assets may not represent an investment contract.

In addition, when third-party efforts are no longer the key to determining a company's success, material information asymmetry will fade. Investors don't know what the third-party promoters knew, but if the network becomes highly fragmented, this situation will no longer exist.

As networks become more dispersed, in many cases, the ability to identify initiators, or those who can make the necessary disclosures, will become more and more difficult, and their status may become less and less important…

Based on my understanding of the Ethereum network and its distributed structure, we believe that the current Ethereum is not a securities transaction…

In addition, there may be other sufficiently decentralized networks and systems in which it may not be necessary to regulate the tokens on which the securities act. However, William at the time did not explain whether XRP or the tokens running on Ethereum were securities.

For the SEC to run its own node, eToro senior market analyst Mati Greenspan said:

"I never expected that I will wait until the arrival of this day."

Source /31QU

Author (compile) / small shell

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Editor's Note: The original title is "The US Securities and Exchange Commission plans to run Bitcoin and Ethereum Nodes"