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SEC Seeking 'Smart Contract' Tracing Tool That Can Spot Security Vulnerabilities

The federal securities watchdog has taken an interest in DeFi's most basic building block.

By Danny Nelson
AccessTimeIconAug 4, 2020 at 6:19 p.m. UTC
Updated Sep 14, 2021 at 9:40 a.m. UTC
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The U.S. Securities and Exchange Commission (SEC) wants to procure a blockchain forensics tool that can analyze smart contracts and, preferably, highlight their security issues.

  • Issuing a "DLT Smart Contract Analysis Tool" solicitation request on July 30, the SEC signaled its newfound interest in actively monitoring the code-based blockchain contracts at the foundation of Decentralized Finance (DeFi).
  • SEC wants a tool that can identify: contract purpose, token type, purchase and sale restrictions, address whitelists and blacklists, modifications and contract calls, according to documents reviewed by CoinDesk.
  • Preferably, the tool will also "include the capability to analyze smart contracts for security issues and vulnerabilities," the SEC said in documents accompanying the request.
  • Comparative analysis between different smart contracts would also be a plus, SEC said. Private-sector software vendors have until Aug. 13 to pitch the watchdog.
  • Bloomberg Law first reported the SEC's interest in a smart contract tool.

See also: 605 Days Later: How ArCoins Got the SEC Go-Ahead as an Ethereum-Traded Treasuries Fund

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