US SEC Looking For Companies To Monitor Blockchain Data

Announcements, Blockchain, News | February 4, 2019 By:

The US Securities and Exchange Commission (SEC) is searching for firms that can provide blockchain data to support the agency’s efforts to monitor risk, improve compliance, and inform commission policy with respect to cryptocurrencies.

In a statement issued last month, the SEC said that it is seeking information for potential sources to support the goal of acquiring data for the most popular blockchain systems, including the universe of available information and transaction details. The companies will be required to parse the data for ease in reviewing.

“The SEC would like to know not only the vendor’s ability to provide the requested data but also an overview of the processes used to extract the data, convert the data into a reviewable format, and the verification steps to ensure there is no loss in data completeness and accuracy due to the data transformation tools and processes applied,” the SEC said.

The regulator is also looking for information on which of the most popular cryptocurrencies data can be provided on, options for data sharing and data transmission, processes and tools used for data sourcing and validation of data accuracy, data-use permissions, and cost estimates for ongoing access/subscription to the requested data.

Vendors willing to respond to the SEC’s request should send their response via email by February 14. Companies must submit a brief capabilities statement package demonstrating ability to provide the requirements listed in the sources sought notice.