SEC will use blockchain tools to identify crypto wallet owners

04 Feb, 2019 | Updated: 04 Feb, 2019
by Joeri Cant
Regulation
SEC will use blockchain tools to identify crypto wallet owners

The US Securities and Exchange Commission is searching for companies that can provide blockchain data to provide the SEC with the capability to derive insights from available data, including attribution data, which means the SEC will know to whom a particular address belongs.

According to the document, at the end of January, the SEC issued a ‘sources sought notice', which means that they are searching for companies that can provide blockchain data to support its efforts to monitor risk and improve compliance of digital assets.

'The SEC is seeking information for potential sources to support the goal of acquiring data for the most widely used blockchain ledgers, including the universe of available information and transaction details', the report reads.

In an attempt to make the cryptocurrency market more transparent, the Securities and Exchange Commission wants the ability to identify the owners of wallet addresses for multiple cryptocurrencies.

A feature that might make many cryptocurrency investors feel quit uneasy.

Read more: Kik is going to court against SEC decision on their ICO

The US regulator is never far away of the center of attention. Recently, Chepicap reported that Kik, the Canadian social media and messaging app company is fighting the SEC in court in an effort to stave off regulation of its Kin cryptotoken, and just a few days ago, CBOE resubmitted its joint proposal with VanEck and SolidX to the U.S. Securities and Exchange Commission, to launch the first U.S. Bitcoin exchange-traded fund.

The SEC is always closely intertwined with the crypto universe.

Read more: CBOE refiles the VanEck/SolidX Bitcoin ETF proposal to SEC

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