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.Source