SEC To Monitor DeFi With Artificial Intelligence - AI Summary

The United States Securities and Exchange Commission (SEC) signed a deal with blockchain analytics firm AnChain.AI to help its efforts in monitoring the decentralized finance (DeFi) space. The company's service focuses on tracking illicit activity across crypto exchanges, DeFi protocols, and traditional financial institutions. The contract between the blockchain analysis firm and the SEC started in May and probably played a role in AnChain.AI securing a $10 million Series A round led by Susquehanna Group affiliate SIG Asia Investments LLP. Why It Matters: The regulator is seemingly leveraging the contractor to monitor the DeFi ecosystem more closely, as expected after recent remarks by SEC Chairman Gary Gensler. For instance, Fang explained that it is actually an amalgam of 30,000 separate smart contracts that manages over $1.8 billion worth of transactions in the 24 hours prior to the Forbes article being published.