diff --git a/cmd/goal/clerk.go b/cmd/goal/clerk.go
index 594ddf38f5..f229247541 100644
--- a/cmd/goal/clerk.go
+++ b/cmd/goal/clerk.go
@@ -359,7 +359,11 @@ var inspectCmd = &cobra.Command{
 				if err != nil {
 					reportErrorf(txDecodeError, txFilename, err)
 				}
-				fmt.Printf("%s[%d]\n%s\n\n", txFilename, count, string(protocol.EncodeJSON(txn)))
+				sti, err := inspectTxn(txn)
+				if err != nil {
+					reportErrorf(txDecodeError, txFilename, err)
+				}
+				fmt.Printf("%s[%d]\n%s\n\n", txFilename, count, string(protocol.EncodeJSON(sti)))
 			}
 		}
 	},
diff --git a/cmd/goal/inspect.go b/cmd/goal/inspect.go
new file mode 100644
index 0000000000..5024c27338
--- /dev/null
+++ b/cmd/goal/inspect.go
@@ -0,0 +1,116 @@
+// Copyright (C) 2019 Algorand, Inc.
+// This file is part of go-algorand
+//
+// go-algorand is free software: you can redistribute it and/or modify
+// it under the terms of the GNU Affero General Public License as
+// published by the Free Software Foundation, either version 3 of the
+// License, or (at your option) any later version.
+//
+// go-algorand is distributed in the hope that it will be useful,
+// but WITHOUT ANY WARRANTY; without even the implied warranty of
+// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+// GNU Affero General Public License for more details.
+//
+// You should have received a copy of the GNU Affero General Public License
+// along with go-algorand.  If not, see <https://www.gnu.org/licenses/>.
+
+package main
+
+import (
+	"fmt"
+	"reflect"
+
+	"github.com/algorand/go-algorand/crypto"
+	"github.com/algorand/go-algorand/data/basics"
+	"github.com/algorand/go-algorand/data/transactions"
+	"github.com/algorand/go-algorand/protocol"
+)
+
+// inspectSignedTxn is isomorphic to SignedTxn but uses different
+// types to print public keys using algorand's address format
+// (base32 + checksum) in JSON, instead of the default base64.
+type inspectSignedTxn struct {
+	_struct struct{} `codec:",omitempty,omitemptyarray"`
+
+	Sig  crypto.Signature         `codec:"sig"`
+	Msig inspectMultisigSig       `codec:"msig"`
+	Txn  transactions.Transaction `codec:"txn"`
+}
+
+// inspectMultisigSig is isomorphic to MultisigSig but uses different
+// types to print public keys using algorand's address format in JSON.
+type inspectMultisigSig struct {
+	_struct struct{} `codec:",omitempty,omitemptyarray"`
+
+	Version   uint8                   `codec:"v"`
+	Threshold uint8                   `codec:"thr"`
+	Subsigs   []inspectMultisigSubsig `codec:"subsig"`
+}
+
+// inspectMultisigSig is isomorphic to MultisigSig but uses different
+// types to print public keys using algorand's address format in JSON.
+type inspectMultisigSubsig struct {
+	_struct struct{} `codec:",omitempty,omitemptyarray"`
+
+	Key basics.Address   `codec:"pk"`
+	Sig crypto.Signature `codec:"s"`
+}
+
+func inspectTxn(stxn transactions.SignedTxn) (sti inspectSignedTxn, err error) {
+	sti = txnToInspect(stxn)
+	if !reflect.DeepEqual(stxn, txnFromInspect(sti)) {
+		err = fmt.Errorf("non-idempotent transformation to inspectSignedTxn (DeepEqual)")
+	}
+	if !reflect.DeepEqual(protocol.Encode(sti), protocol.Encode(stxn)) {
+		err = fmt.Errorf("non-idempotent transformation to inspectSignedTxn (protocol.Encode)")
+	}
+	return
+}
+
+func txnToInspect(stxn transactions.SignedTxn) inspectSignedTxn {
+	return inspectSignedTxn{
+		Txn:  stxn.Txn,
+		Sig:  stxn.Sig,
+		Msig: msigToInspect(stxn.Msig),
+	}
+}
+
+func txnFromInspect(sti inspectSignedTxn) transactions.SignedTxn {
+	return transactions.SignedTxn{
+		Txn:  sti.Txn,
+		Sig:  sti.Sig,
+		Msig: msigFromInspect(sti.Msig),
+	}
+}
+
+func msigToInspect(msig crypto.MultisigSig) inspectMultisigSig {
+	res := inspectMultisigSig{
+		Version:   msig.Version,
+		Threshold: msig.Threshold,
+	}
+
+	for _, subsig := range msig.Subsigs {
+		res.Subsigs = append(res.Subsigs, inspectMultisigSubsig{
+			Sig: subsig.Sig,
+			Key: basics.Address(subsig.Key),
+		})
+	}
+
+	return res
+}
+
+func msigFromInspect(msi inspectMultisigSig) crypto.MultisigSig {
+	res := crypto.MultisigSig{
+		Version:   msi.Version,
+		Threshold: msi.Threshold,
+	}
+
+	for _, subsig := range msi.Subsigs {
+		res.Subsigs = append(res.Subsigs, crypto.MultisigSubsig{
+			Sig: subsig.Sig,
+			Key: crypto.PublicKey(subsig.Key),
+		})
+	}
+
+	return res
+}