U.S. Representative Don Beyer introduced the Off-Chain Digital Commodity Transaction Reporting Act.
This legislation protects investors from market manipulation, conflicts, and fraud. According to the new plan, every trading platform must record all transactions in a repository registered with the Commodity Futures Trading Commission (CFTC). Senator Beyer said:
“As consumers increasingly turn to large digital asset trading platforms to conduct their business, thousands of transactions each day are conducted off the publicly verifiable blockchain”.
“Unfortunately, internal record keeping among these private entities can vary wildly, leaving 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.”
This bill’s primary goal is to keep track of off-chain transactions that are not visible to the public on the blockchain. Legislators in the U.S. have recently started seeking to establish crypto rules.
Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act has received the support of nine senators. By extending the Bank Secrecy Act’s obligations to digital wallets, this legislation intends to stop the illicit usage of digital currency.