<![CDATA[<figure class="image"><img src="https://cimg.co/news/125770/332066/crypto-3569795-1280.jpg" alt="" srcset="https://cimg.co/news/125770/332066/responsive-images/crypto-3569795-1280___media_library_original_1280_853.jpg 1280w, https://cimg.co/news/125770/332066/responsive-images/crypto-3569795-1280___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/125770/332066/responsive-images/crypto-3569795-1280___media_library_original_900_600.jpg 900w, https://cimg.co/news/125770/332066/responsive-images/crypto-3569795-1280___media_library_original_720_480.jpg 720w, https://cimg.co/news/125770/332066/responsive-images/crypto-3569795-1280___media_library_original_600_400.jpg 600w, https://cimg.co/news/125770/332066/responsive-images/crypto-3569795-1280___media_library_original_300_200.jpg 300w" sizes="100vw" width="1280" class="content-img"><figcaption>Source: Pixabay / Gerd Altmann</figcaption></figure>U.S. Rep. Don Beyer, a Democrat serving the 8th District of Virginia, is pushing a bill that would establish centrally-accessible repositories for off-chain <a href="https://cryptonews.com/guides/cryptocurrency/">cryptocurrency</a> transaction data.The <a href="https://beyer.house.gov/legislation/sponsored-bills.htm">bill</a>, dated Sept. 27 &ndash; the Off-Chain Digital Commodity Transaction Reporting Act &ndash; urges crypto trading platforms to &ldquo;report all transactions to a repository registered with the Commodity Futures Trading Commission (CFTC).&rdquo;Usually, off-chain transactions aren&rsquo;t written on the <a href="https://cryptonews.com/guides/blockchain/">blockchain</a>, leaving no network record of the transaction&rsquo;s financial details. As a result, off-chain solutions might be more vulnerable to hacking and data breaches depending on the specific implementation.&ldquo;With the emergence of trading platforms and a desire to increase transaction times and lower costs, thousands of transactions occur &ldquo;off-chain&rdquo; each day and are unrecorded on the publicly viewable blockchain,&rdquo; the legislator said.The Congressman&rsquo;s bill is a &ldquo;common-sense measure&rdquo; to resolve privacy issues and &ldquo;restore some transparency and confidence&rdquo; among users and across the crypto market, said Beyer in a <a href="https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5999">separate statement</a>.<blockquote>&ldquo;Unfortunately, internal record keeping among these private entities can vary wildly, and this can leave investors and consumers vulnerable to fraud and manipulation. This bill is a common-sense measure to restore some transparency and confidence to the digital asset market.&rdquo;</blockquote>Beyer hopes that pushing off-chain transaction data into repositories where regulators can see would help stop FTX-like collapse.<h2 style="text-align:justify;" id="what-does-the-bill-say">What Does the Bill Say?</h2>Each digital asset swap, whether cleared or uncleared, shall be reported to a registered swap data repository, the <a href="https://beyer.house.gov/uploadedfiles/off-chain_digital_commodity_transaction_reporting_act.pdf">detailed bill</a> noted. Additionally, sales of digital commodities should be stated to the crypto repository for transactions.Trading platforms are required to report every transaction as soon as the transaction is executed, it added.&ldquo;This legislation would require that all off-chain digital asset transactions be reported within 24 hours to a CFTC-registered trade repository, similar to the requirements for virtually all securities and swaps transactions,&rdquo; Beyer wrote.In 2021, Beyer introduced the Digital Asset Market Structure and Investor Protection Act, to protect consumers and promote innovation.
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U.S. Democrat’s Bill Urges Exchanges to Share Off-Chain Crypto Transactions to Regulators

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