Topic: SEC looking for more tools to track crypto - page 3. (Read 574 times)
There is nothing surprising. Government agencies will always try to take control of the cryptocurrency and impose their own rules for its circulation in society. They will also try to track the movements of the cryptocurrency and at the same time establish its belonging to specific individuals. It seems that there will always be a confrontation between government agencies and anonymity in cryptocurrency.
If they can build up an effective and productive tool to automatically track crypto (bitcoin first) transactions to owners, IPs, etc. they will do this for all bitcoin transactions. Bitcoin block data is available for all of us and it only requires advanced skills from tech gurus to dig deeper to find more things that can be supported by their own bitcoin full nodes.
The problem is the way they try to take these advanced skills and use them against our own privacy. Like, it's taking a very smooth focus turn from criminals to literally everyone else.I usually throw away all unnecessary physical information about my wallets such as paper wallets the same way I throw away unnecessary bills when paying with fiat anywhere - which basically means that, while there's a permanent record on the Blockchain of all my txs, there's no way even I can link txs from months/years ago to the real events during which I have broadcasted them.
Through this crypto tracking tool, they'd probably get to a point where addresses their tool won't have any clue about will be flagged as a "suspicious" - as in, sources of funds are unknown. What is quite creepy is that, by the effort of "improving compliance", they're doing exactly the opposite of what mixers do - does this mean crypto privacy will become an enemy of the state? The blockchain is publicly available, but in order to analyze or track cryptocurrency addresses, you have to spend quite a lot of resources the average Joe doesn't have.
Looks like arms race between privacy and surveillance is getting more intense.
This is nothing out of the ordinary, crypto is easily trackable and there are plenty of companies out there providing tools for that. Even mixers can be decoded and funds traced. This is the thing that many dont understand, they have this fantasy that crypto is anonymous and not traceable but in reality most of the time it is much easier to track crypto than bank transfers.
Yes, there are other companies providing that tool, but if you read the link, it seems that they are looking to have their own tool, for whatever reasons it is. But we all know that as crypto enthusiast, they want to trace everything.
It's going to be difficult to track if you just put your assets in let's say a bitcoin wallet. There's no way that you can trace it if it is not going to be moved in a centralised exchange.
And I still remember this: Thinking of adding 'Blockchain' to your company name? SEC is watching you
Yeah, I'm sure they're looking to track just these "illegal activites" and not the ordinary people's wallets and private lives.. I can't imagine what a pain in the arse it'll be once they'll have proper control & analysis tools and start questioning people's transactions. I wish it was true and they spent all their resources to find illegal activities on the chain but I'm quite sure that won't be the case.
If they can build up an effective and productive tool to automatically track crypto (bitcoin first) transactions to owners, IPs, etc. they will do this for all bitcoin transactions. Bitcoin block data is available for all of us and it only requires advanced skills from tech gurus to dig deeper to find more things that can be supported by their own bitcoin full nodes.You can get data at Blockchair.com's database dump
From bitcoin, people can mix it or convert it to other altcoins, then mix again, and any kind of things they think will protect their privacy. But it is what people thought, try to mix with some cryptocurrencies won't protect their privacy if they don't do it right.
[Guide] Decent mixing methods
Anonymity is very difficult, especially with blockchain-based systems where so much data has to be public, but also in other areas (eg. there are several known weaknesses with Tor). You should always operate with the expectation that any anonymity system you use will eventually fail you. If you're ever confident in your anonymity, then you're wrong.
I can't open the link for some reason. Here's an alternative source for those of you who are looking https://news.bitcoin.com/sec-looking-to-buy-a-blockchain-forensics-tool-that-analyzes-smart-contracts/
I also stumbled upon an earlier request for tools to track cryptocurrency transactions. It's not from the SEC, it's from the US Army. - US Army Requests Information on Tools to Track Cryptocurrency Transactions
They wanted to be closer to guard and track portfolios. I am having a feeling that they are after the defi projects who are working on smart contract. If they are finding ways on how to monitor the transactions happening on the defi bonding sales they needed tools. Looks like earlier than expected. That they are highly suspicious of this process.
If you read the article I shared above, it's mentioned there that SEC is indeed after this multi-billion-dollar decentralized finance (Defi) industry. They are done with ICOs/IEOs or other forms of token sales and they want to focus on the next thing in crypto which happen to be DeFi.I also stumbled upon an earlier request for tools to track cryptocurrency transactions. It's not from the SEC, it's from the US Army. - US Army Requests Information on Tools to Track Cryptocurrency Transactions
ETH, EOS,TRON 
I was very sorry, but a year ago I said goodbye to the last American crypto exchange.
First, all American exchanges will be forced to leak all personal data of customers, and then other major global exchanges.
This will increase the burden on banks, increase the number of Bank account blocking and tax penalties, and have the opposite economic effect - the shadow sector will grow.
I was very sorry, but a year ago I said goodbye to the last American crypto exchange.
First, all American exchanges will be forced to leak all personal data of customers, and then other major global exchanges.
This will increase the burden on banks, increase the number of Bank account blocking and tax penalties, and have the opposite economic effect - the shadow sector will grow.
Yeah, I'm sure they're looking to track just these "illegal activites" and not the ordinary people's wallets and private lives.. I can't imagine what a pain in the arse it'll be once they'll have proper control & analysis tools and start questioning people's transactions. I wish it was true and they spent all their resources to find illegal activities on the chain but I'm quite sure that won't be the case.
They can just force any exchange and wallets that wants to operate in United States to give a complete log of user data and their crypto balances, transactions and behaviors. Most of the user at some time do use a centralized wallet and exchange. Once, they get the transaction, they can keep on tracking till they find another wallet on their database tracking whole of the chain. The supercomputers do need some job.
They wanted to be closer to guard and track portfolios. I am having a feeling that they are after the defi projects who are working on smart contract. If they are finding ways on how to monitor the transactions happening on the defi bonding sales they needed tools. Looks like earlier than expected. That they are highly suspicious of this process.
This is the thing that many dont understand, they have this fantasy that crypto is anonymous and not traceable but in reality most of the time it is much easier to track crypto than bank transfers.
Just by number or set of address? There is no information divuldge on transaction record, how come this will be easier to track compared to banks that your name and address is a must to fill in. 
This is nothing out of the ordinary, crypto is easily trackable and there are plenty of companies out there providing tools for that. Even mixers can be decoded and funds traced. This is the thing that many dont understand, they have this fantasy that crypto is anonymous and not traceable but in reality most of the time it is much easier to track crypto than bank transfers.
It is becoming more intense now. Anyone who has one way or the other lost his/her crypto to the scammer will support the intentions of the SEC maybe one day it will be possible for them to help recover stolen assets. Meanwhile, a regular crypto enthusiast will see it as a means of getting to know too much and probably will end up in further regulation of crypto assets but the real question is what exactly we really want.
Well, it´s getting closer to stock trading system, where you also have your clearing houses that need to confirm a trade. Beside that, governments today have a tendendy, or call it a paranoia if you will, to controll everryting, so this is no big news. A big impact would be a commonly accepted approach for the regulation of cryptos across all 50 states.
What do you expect? for all we know, not only SEC but other agencies, specially IRS, in 2018 IRS Wants to Tax Your Bitcoin Gains: Orders Coinbase to Hand Over User Data. And then this year, RS Enlists Coinbase in Latest Crypto Tracing Deal. Perhaps what SEC want's is that they have their own tools, and it doesn't sound good.
Boring.
BTW:They should take a look at winK.
BTW:They should take a look at winK.
According to this post: https://beta.sam.gov/opp/f11c3e2445d94c429dbcce7019cc91d1/view?keywords=%22smart%20contract%22&sort=-relevance&index=&is_active=true&page=1
And they are probably looking to buy some smart contract or blockchain analysis tool to help them track those illegal activities (non-registration) or even more. Obviously, they want to follow every trail specially for big companies involved like exchanges.
Quote
Description
The United States Securities and Exchange Commission (SEC), 100 F Street, NE, Washington, DC 20549, intends to procure a distributed ledger technology (DLT) smart contract analysis tool to analyze and detail code within blockchains and other distributed ledgers, in support of its efforts to monitor risk, improve compliance, and inform Commission policy with regard to digital assets.
The North American Industry Classification System (NAICS) code for this acquisition is 541511 and the small business size standard is $30,000,000. This combined synopsis/solicitation is set aside 100% for Small Business.
The United States Securities and Exchange Commission (SEC), 100 F Street, NE, Washington, DC 20549, intends to procure a distributed ledger technology (DLT) smart contract analysis tool to analyze and detail code within blockchains and other distributed ledgers, in support of its efforts to monitor risk, improve compliance, and inform Commission policy with regard to digital assets.
The North American Industry Classification System (NAICS) code for this acquisition is 541511 and the small business size standard is $30,000,000. This combined synopsis/solicitation is set aside 100% for Small Business.
And they are probably looking to buy some smart contract or blockchain analysis tool to help them track those illegal activities (non-registration) or even more. Obviously, they want to follow every trail specially for big companies involved like exchanges.
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