U.S. Democrat Rep. Don Beyer introduced a new bill requiring trading platforms to report all transactions to a repositary registered with the CFTC.
but are processed through secondary layers, thus creating some difficulties in being tracked.
With the emergence of trading platforms and a desire to increase transaction times and lower costs, thousands of transactions occur “off-chain” and are unrecorded on the publicly viewable blockchain, the announcement notes. “Unfortunately, internal record keeping among these private entities can vary wildly, and this can leave investors and consumers vulnerable to fraud and manipulation,” Beyer wrote, adding:
“This bill is a common-sense measure to restore some transparency and confidence to the digital asset market.” According to the bill, crypto service providers will be required to report all off-chain transactions within 24 hours to a CFTC-registered trade repository. The announcement notes that the requirements are similar to the rules for “virtually all securities and swaps transactions.”
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