SEC Looking For Blockchain Forensics To Analyze Smart Contracts
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SEC Looking For Blockchain Forensics To Analyze Smart Contracts

August 6, 2020      Vandana Malik

The U.S. Securities and Exchange Commission, SEC is currently looking forward to buying blockchain forensics. This will help the firm to analyze smart contracts. On July 30, the regulator has specified to the software companies that the forensic tools should be able to analyze the codes within the blockchain and other distributed ledgers as well. 

The SEC is also trying to identify the contract changes that have been performed using the administrator passwords. It is also looking for different addresses that come under the category of whitelisted and blacklisted. 

SEC aims to use these tools towards monitoring risk

The SEC is considering that these forensic tools will be helping to monitor risk and improve compliance. According to the details that have been published by the regulator, the software firms will be able to submit proposals until August 13. 

Along with this, it has also been mentioned that the firms which are classified as “small businesses” will be able to apply for the tender. The regulator will also be able to keep a close eye on the movement of different crypto transactions. 

Ciphertrace received a contract for crypto-tracking capabilities 

Ciphertrace, a blockchain analytics firm has also received a contract from SEC for its crypto-tracking capabilities. The firm is now looking forward to achieving recognition and a great place in the digital asset industry. Before receiving this contract, the firm was not having any much influence on the industry instead it was on a back foot. A notice was published in July, in which the details about the Ciphertrace deal were mentioned. It was only limited to blockchain intelligence and forensic which was targeting all the tokens related to Binance. 

Currently, the SEC is maintaining quite a harsh stand for the crypto industry and a lot of firms are also fighting different battles with the regulator. Telegram, a huge social networking site also comes under the firms that are facing hardships currently.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.