U.S. SEC & Ripple: Regulators To Run XRP, BTC And ETH Nodes?
Regulators might make a move that not a lot of crypto enthusiasts are expecting.
The U.S. regulators have turned their sight towards crypto.
Libra might have drawn too much attention on the crypto space
According to more voices in the crypto space, Facebook’s Libra project might have brought such huge attention on the whole crypto industry.
You may recall that we reported how Ripple’s CEO Brad Garlinghouse believes that the whole scrutiny that Facebook triggered is its own fault.
Since the social media giant revealed its cryptographic project to the public regulators and policymakers had grilled this corporation.
Ripple CEO is certain that this whole situation is Facebook’s fault.
Strict regulations on their way to the crypto space?
A lot of experts are afraid that strict regulations may be on their way to the crypto space.
Smaretreum notes that recent reports have shown that the U.S. SEC is seeking quotes from private contractors to run Ethereum and Bitcoin nodes in its stead.
“Some other cryptocurrencies in its plan include Zcash, Stellar, EOS, NEO, Bitcoin Cash, and XRP. What is the driving force behind this move? Should the crypto community be worried?” they write.
The SEC is reportedly planning to monitor risk and more
The online publication notes that the SEC stated that they are planning to acquire a commercial data subscription for the blockchain ledger.
Such a thing would allow the SEC to monitor risks, enhance compliance and help it to create policies on cryptos.
The SEC doesn’t want companies who are already working with monitoring and research. The SEC is instead looking for firms that collect data “such as transaction fees, hash rate, blockchain explorers, rewards and mining difficulty,” says Smartereum.
The online magazine notes that some data comes for free from blockchain explorers like Coinmetrics, Messari Crypto, and Blockchain Info.
They note that the SEC prefers analysis and it’s something more than data. Their requirements read:
“Demonstrate level of rigor of data cleansing and normalization meets requirements of financial statement audit testing. If attribution data supplied, describe processes and data sources for blending blockchain data with attribution data points for deriving insights.”
The crypto community debates the news and Smartereum details more in their article.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.