Mistrust them as much as they mistrust you.
In the Senate, the Democrats are trying to spend more of our money in overseas proxy wars. In the House of Representatives however, Virginia’s 8th District Representative Don Beyer (D), is advocating for the Off-Chain Digital Commodity Transaction Reporting Act, a bill aimed at establishing central repositories for off-chain cryptocurrency transaction data. This legislation, dated September 27, calls on cryptocurrency trading platforms to report all transactions to repositories registered with the Commodity Futures Trading Commission (CFTC).
Typically, off-chain transactions don’t get recorded on the blockchain, leading to a lack of network records for transaction financial details. This lack of consistent and homogenous record-keeping among different trading platforms is potentially a risk for hacking and data breaches, resulting in situations similar to the FTX collapse.
Rep. Beyer’s bill is viewed as a “common-sense measure to address privacy concerns and enhance transparency and confidence within the digital asset market”. In fact and as always, the FTX crisis, part of the great digital asset regulation issue, is an opportunity for the state to extend its power, effectively punishing all reputable buyers, sellers, and platforms.
