United States of America: Introduced Off-Chain Digital Commodity Transaction Reporting Act 2023

On 28 September 2023, the Off-Chain Digital Commodity Transaction Reporting Act to amend the Commodity Exchange Act was introduced into the House of Representatives. The act requires that all off-chain digital asset transactions have to be reported within 24 hours to a CFTC-registered trade repository. Since not every transaction which shall be documented on the publicly available DLT is stored on this blockchain, many are stored on a private blockchain in order to enhance the speed of transactions or to lower the costs. This law aims to enhance transparency and security through the reporting obligation within the 24-hour timeline.