US Regulator Zeroes in on Binance Chain as SEC Awards Monitoring Contract to Ciphertrace ( News)

The U.S. Securities and Exchange Commission (SEC) intends to award a fixed-price contract on a single source basis to Ciphertrace.

The SEC is awarding the contract to the blockchain monitoring company as it plans focus on ” target=”_blank”> coin, as well as other tokens on the .org/”>’s DEX. The ” target=”_blank”> token has multiple forms of utility and powers the Ecosystem as its underlying gas.

The U.S. regulator says it has chosen Ciphertrace because “its products are the only known blockchain forensics and risk intelligence tool that can support the coin (” target=”_blank”>) and all tokens on the network.”

This follows a determination by the contracting officer “that Ciphertrace Inc is the only source that can reasonably meet the SEC’s requirement in accordance with FAR Part 13.106-1(b).”

According to the SEC &sort=-relevance&index=&is_active=true&page=1″>notice, “the period of performance for the contract is anticipated to be one year with four one year option periods and the total value of the contract shall be below the Simplified Acquisition Threshold.”

The SEC intends to award a contract to Ciphertrace on or before July 31, 2020. The regulator adds, “this notice is not a competitive request for proposals. A competition solicitation will not be issued.”

Still, the U.S. watchdog stresses the “government will give consideration to interested parties that identify their interest and capability to respond to the requirement or submit proposals by the response date of the notice.”

Meanwhile, the SEC’s announcement follows an announcement by Ciphertrace last November stating support for Chain.

In a -Chain”>press release, Ciphertrace said at the time this support would enable developers, investors, and regulators to browse the Chain blockchain, identify high-risk addresses and set controls to protect decentralized applications (DApps), exchanges or other cryptocurrency-based applications.

Ciphertrace support was expected to “enable Chain to provide institutional-grade anti-money laundering (AML) controls and transparency.”

At the time of the announcement, said the partnership would encourage greater community involvement, developer participation, and public interest in Chain.

What does the award of this contract mean for ? Share your thoughts in the comments section below

The post -chain-as-sec-awards-monitoring-contract-to-ciphertrace/”>US Regulator Zeroes in on Chain as SEC Awards Monitoring Contract to Ciphertrace appeared first on Bitcoin News.

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