News - US: Even tighter rules around transactions outside blockchain

By Ted Maas

US: Even tighter rules around transactions outside blockchain

USA
Laws and regulations

A new bill in America is going to require crypto trading platforms to report financial transactions that take place outside the blockchain. It is yet another U.S. bill against the crypto sector.

The new bill requires stricter obligations from all crypto platforms in the US. All internal transactions must also be recorded through a special central registry in the future. The "Off-Chain Digital Commodity Transaction Reporting Act" requires all transactions to be reported to the CFTC within 24 hours, even those not recorded through the blockchain.

Every day, according to Congressman Don Beyer, "thousands of transactions conducted outside the blockchain", the "are not registered in the publicly accessible blockchain". This lack of data must be filled to prevent manipulation and fraud, Beyer said.

The bill is "A common sense measure to restore transparency and confidence in the market for digital assets", Beyer continued. Whether the law will be passed remains to be seen.

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