Sei Foundation Eyes 23andMe Acquisition to Safeguard Genetic Data

The Sei Foundation, the organization behind the layer-1 blockchain Sei, has announced its intention to explore the acquisition of the genetic testing company 23andMe, following the latter's recent bankruptcy filing. This move is driven by concerns over the privacy and security of genetic data held by 23andMe, which includes information from approximately 15 million individuals globally.

The Sei network posted on March 27 that its foundation is considering purchasing 23andMe to safeguard the genetic privacy of its users. The plan involves migrating all of 23andMe's genetic data onto the blockchain, thereby returning data ownership to the users through encrypted and confidential transfers. The Sei network underscored the importance of user data sovereignty, particularly in light of the financial difficulties faced by a leading biotechnology company. The acquisition is seen as a means to protect the personal genomic data of millions from entities that may not prioritize transparency and open access.

23andMe filed for Chapter 11 protection in the US Bankruptcy Court for the Eastern District of Missouri on March 23. Despite the bankruptcy, the company assured users that there would be no changes to how their data is stored, managed, or protected. However, the bankruptcy filing has reignited concerns about data privacy, with state authorities urging users to take control of their data. New York State Attorney General and California Attorney General urged 23andMe users to contact the company to delete their personal data and request the destruction of any DNA samples, citing state laws that give users control over their own data.

The Sei Foundation's proposal to acquire 23andMe and leverage blockchain technology to enhance data privacy represents a significant development in the debate surrounding genetic data ownership and security. By deploying genetic information on the blockchain, the foundation aims to create a more transparent and secure system where users have greater control over their personal data. This approach could set a precedent for how genetic data is managed in the future, potentially influencing other companies in the biotechnology sector to adopt similar measures.