SEC requires companies to:
- Providing data on a regular basis for the most widely used digital assets based on transaction volume;
- Receiving and processing data to ensure control and research of transactions in cryptocurrency;
- The required service must demonstrate the accuracy and completeness of the data.
Consequently, the SEC wants to get a verification method that it can use to ensure that there is no data loss due to the nature of the service, as well as to make the information easily readable.
Companies are given time to prepare the relevant proposal until February 14.
Institutional investors attribute this activity to the SEC with a desire to control cryptocurrency flows before deciding to approve applications for ETF. Obviously, only having received such a tool in their hands, the SEC will be able to go to the approval of applications for cryptocurrency funds ETF as well as BAKKT.