The US Securities and Exchange Commission (SEC), as per a notice published on Thursday, Jan. 31st 2019, at the Federal Business Opportunities portal (fbo.gov), is on an active tool search to help major blockchains all around the world with a Big Data view. The deadline for interested vendors and parties to respond to SEC’s request is Thursday, Feb. 14th, 2019.
The regulator is actively looking for both small and large enterprises who are capable of offering data for major blockchain ledgers based on the volume of data transactions they handle, in its attempt to improve crypto compliance and monitor risk that comes along with cryptocurrencies.
The regulator was quite clear in its specification, saying that it requires an easily reviewable format of big data, along with a hawk eye overview of how all the relevant information is gathered, extracted and converted to ensure nil loss in data completeness and perfect accuracy, thus avoiding irregularities in the data that may arise from data transformation tools and processes. The regulator is seeking something agile which can identify transaction details among the universe of available information.
This news follows the SEC’s recent announcement of its 2019 examination priorities, of which digital assets or cryptocurrencies is part of. The priorities also include the agency’s concerns related to custody and safekeeping of investor assets, valuation, the risks of dramatic price volatility, and omitted or misleading disclosures pertaining to complexities of the products and technology.