Sec continues the audit again

The US Securities and Exchange Commission (SEC) has taken a large step closer to regulating the Defi market, just days after SEC Chairman Gary Gensler told that the decentralized finance market is some thing they are searching into.

The SEC has announced a contract with blockchain analytics firm AnChain.AI, with the aim of supporting the regulator in regulating the Defi market.

The agency printed that the SEC has signed a 5-year contract worth $125,000 per 12 months for a whole of $625,000.

Gensler remarked during a recent interview:

There's nevertheless a core team of humans who don't simply write software, like open source software, however regularly have governance and fees...There's some incentive structure for these promoters and sponsors in the middle of that.

Victor Fang, CEO and co-founder of AnChain said:

The SEC is keen to apprehend what is taking place in the world of digital belongings primarily based on clever contracts…so we grant them with the technology to analyze and tune clever contracts.

It is now not but regarded what oversight the SEC will exercising over decentralized finance projects, most of which come in a decentralized structure and often anonymously.