blockchain data (TippaPatt/Shutterstock.com)

SEC seeks blockchain analysis service

The Securities and Exchange Commission wants a better way to analyze blockchain transactions.

In a Jan. 31 sources sought announcement, the SEC said it is looking for a subscription service that would help it monitor risk, improve compliance and inform policy with respect to digital assets.

The service would extract and parse blockchain data so it could be more easily reviewed.  Specifically, it  would provide regular data extracts for the most-widely used blockchain ledgers; clean up, verify and normalize the data for review;  enable data sharing;  and allow for search, visual/graphical exploration, and analysis -- including attributing an owner to a particular address.

Besides the analysis service, the SEC wants suppliers to provide an overview of the processes and tools  they would use to extract convert and verify the data.

The SEC has been wrestling with policies related to innovative securities products, such as cryptocurrencies and initial coin offerings, with some lawmakers calling for regulatory clarity regarding the new offerings. In October, the Commission launched a Strategic Hub for Innovation and Financial Technology (FinHub), a portal to address changes in the securities industry driven by new technologies, including blockchain.

Responses are due Feb. 14.

About the Author

Susan Miller is executive editor at GCN.

Over a career spent in tech media, Miller has worked in editorial, print production and online, starting on the copy desk at IDG’s ComputerWorld, moving to print production for Federal Computer Week and later helping launch websites and email newsletter delivery for FCW. After a turn at Virginia’s Center for Innovative Technology, where she worked to promote technology-based economic development, she rejoined what was to become 1105 Media in 2004, eventually managing content and production for all the company's government-focused websites. Miller shifted back to editorial in 2012, when she began working with GCN.

Miller has a BA and MA from West Chester University and did Ph.D. work in English at the University of Delaware.

Connect with Susan at [email protected] or @sjaymiller.

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