The US Securities and Exchange Commission (SEC) plans to launch several Bitcoin and Ethereum nodes, as well as “as many of the other blockchains as possible: Bitcoin Cash, Stellar, Zcash, EOS, NEO and XRP Ledger”.
The goal of this step is to monitor any risks, comply with regulatory requirements and inform about digital assets policy issues.
The node will not be managed directly by the SEC staff, this will be done by an external organization charged with launching the node for each supported blockchain.
The data will be provided to the SEC, it will include the cryptocurrency symbol, sending and receiving addresses, unencumbered balances, hashes, timestamps and transaction amounts, commissions, confirmations, etc. In addition, they will cover hash algorithms, hashrate, mining complexity, rewards, the number and size of transactions, tokens in circulation and the size of the blockchain.
It is believed that this SEC project is associated with direct and indirect access to the blockchain data, since today these data are obtained from secondary sources, such as blockchain observers. It is believed that the SEC seeks to implement surveillance systems on these blockchains to monitor what is happening to them. Being open and decentralized networks, anyone can create a node, including authorities.
Another hypothesis is that the SEC wants to investigate tokenized securities, even if they have not yet been introduced to the market as such.
In fact, the agency’s mission is to enforce US securities laws, including market trading, so this may be the true purpose of this initiative.