Copy link
Increase text size
Decrease text size
Link copied

SEC scouting for a company that could develop a blockchain smart contracts analysis tool

The SEC wants a blockchain tool that can help it analyze smart contracts as well as cryptocurrency transactions.

image by: Scott S / Flickr

Thu, 06 Aug 2020, 14:11 pm UTC

Mainly known as the technology behind cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), blockchain is making its way to other areas such as banking, healthcare, fashion, voting, and even the justice system. The U.S. Securities and Exchange Commission (SEC) wants to stay ahead of the game and is now scouting for a blockchain forensics tool that can be used to analyze smart contracts.

With the increasing adoption of digital currencies and usage of smart contracts, the SEC is making sure that it has the technological capability to perform its regulatory oversight in such a scenario. The agency is calling for software firms to make their bids for a tool that could be used to analyze smart contracts, according to

“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 SEC wrote.

One of the requirements of the blockchain forensics tool is that it should be able to detect and identify changes to the contract even if they are done using administrator login ids. The SEC also wants the software to have the capability tracing the manner of disbursement of token sales funds as well as detecting potential issues such as blacklisted and whitelisted addresses.

Interested software companies can submit their proposals until August 13. However, the SEC specified that it will only accept bids from firms classified as “small businesses,” which are companies with valuations of $30 million and below.

Since the rise of the cryptocurrency industry, the SEC has already investigated a number of cryptocurrency firms. The analysis tool would be a big boost to its investigative capability as it will give the agency the “ability to track the movement of crypto transactions more closely, particularly those contracts in the multi-billion-dollar decentralized finance (Defi) industry.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,676.50 (-0.35%)
  • Ethereum (ETH) $352.80 (+0.64%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $219.06 (+1.85%)
  • Binance Coin (BNB) $25.97 (+2.87%)
  • Bitcoin (BTC) $10,676.50 (-0.35%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.