The US Securities and Exchange Commission (SEC) has signed a partnership agreement with AnChain.AI to supervise the activity on the decentralized finance (DeFi) market, a company spokesperson told Forbes.
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The contract's initial price is set at the $125,000 mark, with an option to extend it for five years for a total of $625,000. AnChain.AI СEO, Victor Fang, says the watchdog "is very keen" on understanding what is going on in the area of smart contracts.
"...so we are providing them with technology to analyze and trace smart contracts," Fang added.
The deal comes as the SEC Chair, Gary Gensler, warned that the DeFi infrastructure will not save protocols from oversight. According to him, there is still a "core group of folks" who control the governance of protocols and getting percentage from fees.
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