SEC Demands Blockchain Data From Providers To Improve Compliance, And Inform Policy

The U.S. Securities and Exchange Commission (SEC) is not backing down on its blockchain data policies. As many of the world’s governments and politicians focus on Facebook’s recently introduced cryptocurrency and data sharing among virtual asset providers, the SEC is seeking more data on public blockchains.

The requirements listed by the SEC that all data is derived from hosted notes in the stead of blockchain explorers. The Bitcoin and Ethereum blockchains are important considerations, while others like Bitcoin Cash, Stellar, Zcash, EOS, NEO and XRP data are all specified as optional and therefore desirable. Also, as new blockchains gain increased recognition, the SEC would require support for them. The SEC wants total blockchain data from the original block or inception and information about any alternative currencies (tokens) connected with these blockchains.

Required Data Format

The data style required is very particular with normalized regions for each included blockchain derived from on-node data, entirely. The least region indicated is ticker symbol; sending and receiving addresses; transaction stamp or hash, timestamp, and amounts; unspent send and receive balances; transaction fees; confirmations; block hash, and block height.

Possibly, the SEC also wants further metadata and chain metrics such as hashing algorithms and power, difficulty in mining and associated rewards, transactions values, size and quantity, coin supply and blockchain size.

The data, according to SEC should be provided directly by the vendor’s own node for each blockchain using a secure, digitally protected data feed; synchronized with the network; and run in a secure, controlled environment. The data must also be presented with a way to confirm its accuracy and completeness and meet the requirements of financial statement audit testing.

Application Deadline

The length of the contract is a period of 12 months originally which is followed by four consecutive 12-month terms which are optional. The application requires both a price and technical quote. Data vendors are expected by the SEC to submit an application by 12 pm EST on the 11th of July, 2019.

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