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The U.S. Securities and Exchange Commission (SEC) is looking for a blockchain forensics tool to help it analyze smart contracts.<\/strong><\/p>\n In a call for bids<\/a> to software companies on July 30, the regulator said that the tool must be able to “analyze and detail code within blockchains and other distributed ledgers.”<\/p>\n It is also looking to identify contract changes performed with administrator passwords, in addition to issues like whitelisted and blacklisted addresses. It also wants to know how token sales funds are disbursed.<\/p>\n The SEC noted that the tool would support its efforts “to monitor risk, improve compliance, and inform Commission policy with regard to digital assets.”<\/p>\n Firms have until August 13 to submit their proposals. Only companies classified as “small businesses” – those with a value of $30 million or under – are being considered for the tender, it said.<\/p>\n SEC’s desired analysis tool gives it ability to track the movement of crypto transactions more closely, particularly those contracts in the multi-billion-dollar decentralized finance (Defi) industry.<\/p>\n The Commission, which recently awarded<\/a> a contract to blockchain analytics firm Ciphertrace for its crypto-tracking capabilities, is obviously aiming at becoming a better player in a digital asset industry where it has always been on the backfoot.<\/p>\n According to a notice published in July, the Ciphertrace deal is limited to blockchain forensics and intelligence targeting Binance’s native coin BNB<\/a> and all the tokens on the Binance network.<\/p>\n The SEC has had running battles<\/a> with several crypto companies that include Telegram. Initial coin offerings (ICOs) have also proved to be a sore for the regulator.<\/p>\n What do you think about the SEC’s plans to tightly monitor crypto transactions? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post SEC Looking to Buy a Blockchain Forensics Tool That Analyzes Smart Contracts<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n