SEC to expand monitoring of the cryptocurrency market in DeFi

The US Securities and Exchange Commission (SEC) intends to analyse the properties of functioning smart contracts that underpin the decentralised finance (DeFi) space. A tender to purchase the corresponding analytics tool has been posted on the portal.

In this initiative, the regulator aims “support efforts in monitoring risk, improving compliance and awareness of policy implementation in digital assets”.

The smart-contract analysis tool should identify the contract’s purpose, token type, restrictions on purchase and sale, whitelist and blacklist status, the presence of modifications and revocation functions.

Separately, there is mention of the possibility of checking their security, including vulnerability detection. Preference will be given to a tool that offers the ability to conduct a comparative analysis of different smart contracts.

The stated requirements will enable the SEC to better understand token-sale details. The tender mentions “token sale specifications” or “coin sale specifications”, as well as “restrictions on purchase and/or sale”.

The SEC is accepting proposals from software developers until 13 August.

Earlier in July, the Commission signed a contract with CipherTrace to use tools for tracking transactions on the Binance Chain blockchain.

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