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SEC Looking to Buy a Blockchain Forensics Tool That Analyzes Smart Contracts

SEC Looking to Buy a Blockchain Forensics Tool That Analyzes Smart Contracts

The U.S. Securities and Exchange Commission (SEC) is in search of a blockchain forensics device to assist it analyze sensible contracts.

In a name for bids to software program firms on July 30, the regulator stated that the device should be capable of “analyze and element code inside blockchains and different distributed ledgers.”

It can also be trying to determine contract modifications carried out with administrator passwords, along with points like whitelisted and blacklisted addresses. It additionally needs to understand how token gross sales funds are disbursed.

The SEC famous that the device would assist its efforts “to observe danger, enhance compliance, and inform Commission coverage with regard to digital belongings.”

Firms have till August 13 to submit their proposals. Only firms labeled as “small companies” – these with a worth of $30 million or underneath – are being thought-about for the tender, it stated.

SEC’s desired evaluation device offers it potential to trace the motion of crypto transactions extra intently, significantly these contracts within the multi-billion-dollar decentralized finance (Defi) business.

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The Commission, which just lately awarded a contract to blockchain analytics agency Ciphertrace for its crypto-tracking capabilities, is clearly aiming at changing into a greater participant in a digital asset business the place it has all the time been on the backfoot.

According to a discover revealed in July, the Ciphertrace deal is proscribed to blockchain forensics and intelligence focusing on Binance’s native coin BNB and all of the tokens on the Binance community.

The SEC has had working battles with a number of crypto firms that embody Telegram. Initial coin choices (ICOs) have additionally proved to be a sore for the regulator.

What do you consider the SEC’s plans to tightly monitor crypto transactions? Let us know within the feedback part beneath.

The submit SEC Looking to Buy a Blockchain Forensics Tool That Analyzes Smart Contracts appeared first on Bitcoin News.

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