Breaking: SEC Signs $625K Contract With Analytic Firm to Investigate Defi Market

Breaking: SEC Signs $625K Contract With Analytic Firm to Investigate Defi Market

The US Securities and Exchange Commission (SEC) has taken a major step towards regulating the Defi market, just days after SEC chair Gary Gensler said the decentralized finance markets are something they are looking into. SEC has on-boarded blockchain analytic firm AnChain.AI to help the regulatory body regulated the Defi market.

The firm revealed that the SEC has signed a 5-year contract at $125K/year totaling a $625K deal. During a recent interview, Gensler has said,

“There’s still a core group of folks that are not only writing the software, like the open-source software, but they often have governance and fees…There’s some incentive structure for those promoters and sponsors in the middle of this.”

Victor Fang, CEO, and co-founder of AnChain said,

“The SEC is very keen on understanding what is happening in the world of smart contract-based digital assets…so we are providing them with technology to analyze and trace smart contracts.”

AnChain is a reputed blockchain analytic firm that tracks illicit crypto transactions across exchanges and Defi protocols. The SEC contract started in May.

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