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US Representative Introduces Off-Chain Crypto Transaction Reporting Bill

Representative Don Beyer introduces the Off-Chain Crypto Commodity Transaction Reporting Act, mandating crypto platforms to report transactions to the CFTC. Enhancing transparency in the digital asset market.

Virginia’s Representative Don Beyer has unveiled the “Off-Chain Digital Commodity Transaction Reporting Act,” a legislative proposal designed to enhance transparency and safeguard stakeholders in the rapidly evolving digital asset sector. This bill seeks to hold crypto trading platforms accountable by requiring them to promptly report all off-chain transactions to a registered digital asset repository under the Commodity Futures Trading Commission (CFTC). The proposed reporting timeframe is set at 24 hours, covering a wide range of off-chain activities, including peer-to-peer swaps, over-the-counter trades, and asset transfers.

Beyer emphasized the necessity of this measure, as many transactions occur off the public blockchain, leaving investors exposed to inconsistencies in internal record-keeping within private entities. He stressed that the primary aim of the bill is to protect ordinary investors by bringing greater transparency and confidence to the digital asset market.

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