Blockchain Firm To Help SEC Monitor DeFi Industry

The U.S. Securities and Exchange Commission (SEC) signed a deal with blockchain analytics firm AnChain.AI in order to help monitor and regulate the turbulent decentralized finance (DeFi) industry.

Blockchain Firm To Help SEC Monitor DeFi Industry
Blockchain Firm and SEC | Image: Optimisus

According to the report, the value of the contract is $125,000. But it is a 5 years deal divided so it comes into 5 separate one-year ($125,000) option deals for a total of $625,000.

To justify this deal, AnChain.AI CEO and co-founder Victor Fang, said,

“The SEC is very keen on understanding what is happening in the world of smart contract-based digital we are providing them with technology to analyze and trace smart contracts.”

Note that AnChain.AI is a San Jose-based artificial intelligence (AI) and machine learning (ML) blockchain startup that tracks illegal activity across the crypto industry. This includes crypto exchanges, traditional financial institutions, and DeFi protocols.

The firm also announced a $10 million Series A round of funding. Based on reports, this funding was led by Susquehanna Group and SIG Asia Investments LLP.

The deal comes amid SEC taking a further interest in DeFi as it quickly grows. In addition to this, the SEC’s first action against the DeFi world was in 2018, when it shut down EtherDelta.