The Securities and Exchange Commission is quite interested in knowing what is going on within the area of smart contract-centered crypto assets, Victor Fang said.
The SEC of the United States of America has allegedly struck a $125k agreement with blockchain research startup AnChain.AI to assist in regulating and monitoring the decentralized financial market.
As per a Forbes article published on Friday, the AnChain.AI business spokesman verified the deal with the U.S.A agency, stating that the blockchain startup and Securities and Exchange Commission had the choice of signing upward of 5 different one-year agreements for $125k each, for a combined amount of $625k. According to reports, the first deal started this May.
According to the Chief Executive Officer and Co-creator of AnChain.AI, Fang, the Securities and Exchange Commission is particularly interested in knowing what is going on in the realm of smart contract-centered digital resources. The firm is supplying the SEC with technologies for analyzing and tracing smart contracts.
The alleged deal between the blockchain research company and the federal agency comes after the federal agency’s chairperson, Gensler, urged DeFi enterprises to file with the federal agency, arguing that they are decentralized in certain ways but severely centralized in others. According to Gary, Decentralized Finance system programmers and others might create a centralized group that would come under the legal purview of the Securities and Exchange Commission. The Security and Exchange Commission recently disclosed its 1st case regarding commodities employing Decentralized Finance tech that led to criminal prosecution.
As per CoinGecko’s statistics, the sector has quite a market worth, estimated far greater than $126b. Uniswap is the biggest decentralized platform by volume, as greater than $1b in Decentralized Finance tokens moved in the previous 24 hrs. UNI token is also the most valuable, having a market worth of $14.2b.
AnChain.AI is based in the American state of California, monitors, and analyses blockchain deals throughout many private and public chains. As per Forbes, the firm has created services to allow its firm more crime preventative by spotting suspect deals and address instead of researching information just after a breach or other problem to have occurred.
The SEC was contacted by Cointelegraph. However, no answer was received till now.