SEC Signs 1-Year Deal With Blockchain Surveillance Firm to Scrutinize Defi: Report – Defi Bitcoin News


SEC Signs 1-Year Deal With Blockchain Surveillance Firm to Scrutinize Defi: Report

According to a report published on Friday, the U.S. Securities and Exchange Commission (SEC) has signed a deal with the blockchain surveillance firm in order to get more insight into the world of decentralized finance (defi). The report notes that the initial one-year contract is $125K for the job, but could sign five more annual contracts with the SEC in order to obtain $625K.

SEC to Leverage Analytics to Look Closely at Defi

On Tuesday, News reported on the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, and his statements concerning cryptocurrency regulation. For quite some time now, the SEC has been focused on cryptocurrencies and the budding defi economy that’s grown exponentially since mid-2020.

A report published on Friday by the Forbe’s writer, Steven Ehrlich, indicates the SEC is gearing up to take a closer look at the world of defi. The report claims that a firm called has signed a deal with the SEC, according to an spokesperson. CEO: ‘SEC Is Keen on Understanding the World of Smart Contract-Based Digital Assets’

The CEO and co-founder Victor Fang also spoke to Ehrlich and said the SEC wants to understand the technology that powers smart contracts. “The SEC is very keen on understanding what is happening in the world of smart contract-based digital assets,” Fang said. “So we are providing them with technology to analyze and trace smart contracts.”

The report further discloses that is not only monitoring for cybercrimals but it also has a “predictive engine that can be used to identify unknown addresses and transactions that could be suspicious.” Ehrlich’s report details that is working with centralized exchanges (cex) and financial institutions with exposure to these assets. On August 19, the company published a blog post called “You Can’t Stop the Trillion-Dollar Virtual Asset Market, but You Can (and Must) Regulate it.”

The report published on Friday notes that Ye Li, an investment manager at the financial institution SIG, said that: “ has made great progress in developing its market-leading crypto security technology to meet its customers’ broad demand in regulatory compliance and transaction intelligence.”

Tags in this story, DeFi, defi economy, Defi regulation, Defi SEC, Digital Assets, Gary Gensler, monitor, monitor defi, Regulation, Scrutinize, SEC Commissioner, SEC commissioner Gary Gensler, sec defi, SIG, Smart Contract, smart contract digital assets, Victor Fang, Ye Li

What do you think about the SEC’s deal with to look more closely at defi? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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