Off-Chain Digital Commodity Transaction Reporting Act


Off-Chain Digital Commodity Transaction Reporting Act

Don Beyer, a Democrat from Virginia, introduces legislation that would require exchanges to create central repositories for off-chain cryptocurrency transaction data.

Transactions on the so-called off-chain chain would be reported to the Commodity Futures Trading Commission (CFTC) by the end of every day.

Previously, these transactions had been not recorded on the blockchain.

The bill, called the Off-Chain Digital Commodities Transaction Reporting Act, would make such transactions reportable to the CFTC.

It would also require clearing and settlement of trades in the crypto space to be filed with the repository.

Rep. Don Beyer explains in a statement that this is a common-sense measure to resolve privacy issues and

#shorts #CryptoNews #CryptoShorts #chain cryptocurrency transaction data #chain transactions #bill

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