The US Security and Exchange Commission (SEC) is looking for Enterprise Level blockchain data subscription to provide clarity to a number of businesses operating in the blockchain space and many who are looking to start a business, but the lack of transaprency on the guidelines deter them from doing so.
The SEC has surely made great improvements from it’s early days and have taken certain steps to provide clarity to these businesses, but it is still an underwhelming effort on their part. According to a notice on FedBizOpps.gov:
“The United States Securities and Exchange Commission…intends to procure a commercially available off-the-shelf (COTS) enterprise-wide data subscription for blockchain ledger data to support its efforts to monitor risk, improve compliance, and inform Commission policy with respect to digital assets.”
The SEC wants to procure data for Bitcoin and Ethereum blockchain among other few leading chains of the decentralized space. According to the request for quote,
“At a minimum, the subscription shall include the Bitcoin and Ethereum blockchains…In addition, the subscription shall include as many as possible of the following blockchains: Bitcoin Cash, Stellar, Zcash, EOS, NEO, and XRP Ledger.”
While the United States had quite a passemistic approach towards blockchain and crypto space in early days, like many other countries but realized that the future lies in blockchain and tokenization.
Now many lawamakers have demanded for clearer regulations so that the existing firms as we as the new ones can adhere by them. Minnesota congressman Tim Emmer has mentioned that Blockchain might become an essential tool for the next generation and the US must stay ahead on it than other countries to maintain it’s technical superiority.
The Congress man went on to claim that Blockchain would be world defining technology for the next generation and it would be responsible for drastically changing the way people live. He went on to add,
“This stuff has the potential to completely decentralize the way we live and make the individual central to the way they live their life.”
SEC Faces Criticism For It’s Arcane Attitude Towards Blockchain
SEC has faced critism from different corners for delaying it’s decisions concerning blockchain and crypto space. Recently, the criticism came from within as SEC commissioner Hester Pierce who is often referred to as “Crypto mom” pointed out the commitees arcane attitude towards blockchain during a recent forum. She went onto call the SEC an “old” body who hasn’t been great with innovations.
One of her recent tweet which came in response to Peter McCormack’s description of a recent CFTC regulatory meeting. She replied,
“I finally got a chance to listen to this very interesting conversation. One takeaway is that there is definitely not a harmonized SEC-CFTC view on the Cleveland Browns, which @CFTCquintenz greatly underestimates.”
While the ineteret of SEC in understanding the crypto and blockchain space should not be seen as a sudden change of heart or change in decision making approach, however it is surely a bullish sign suggesting that the SEC is looking to understand the space better and curtail their regualtory framework accordingly.
A recent international data cooperation study has revealed that the expenditure by governments on blockchain technology will increase significantly in coming years.
Author: Bitcoin Exchange Guide News Team