The U.S. Securities and Exchange Commission (SEC) are currently on the search for a tool which can gauge a Big Data views across major blockchains in the region.

The regulator stated in a solicitation notice which was published last Thursday, that they are searching for any small or large companies who can assist with providing data for the “most widely used” blockchain ledgers based on transaction volume, in order to “monitor risk and improve compliance.”

Furthermore, the SEC stated that they need the data to be provided in an “easily review-able” format, along with concise overviews on how the data is gleaned and converted in an effort to ensure that “there is no loss in data completeness and accuracy due to the data transformation tools and processes applied.”

Any interested firms need to respond to the SEC by no later than Valentines Day as per the announcement.

This news comes hot on the heels of after the SEC announced that cryptocurrencies will be one of their core priorities for 2019 and this includes “concerns related to custody and safekeeping of investor assets, valuation, omitted or misleading disclosures regarding the complexities of the products and technology, and the risks of dramatic price volatility.”

Back in October 2019, the regulator created the Strategic Hub for Innovation and Financial Technology (FinHub) to assist with the legal implications found by fintech startups, including those launching initial coin offerings (ICOs).

Furthermore, the firm also stated that they have plans to release “plain English” guides which will help determine when & how cryptocurrencies could be classified as securities to assist developers in determine by themselves for any potential token offerings.

Lastly, the Commodity Futures Trading Commission (CFTC), another top US regulator, stated back in December that is was also looking to learn more about the Ethereum platform. This includes everything from the technology it utilises and how it’s used in order to ensure compliance of derivatives markets based on the cryptocurrency.

Could the SEC’s efforts to implement a Big Data Tool truly assist them in their quest to improve compliance? Let us know by leaving a comment below.