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New Rules for Reporting Digital Commodity and Asset Transactions

This act introduces a requirement to report digital commodity transactions, such as cryptocurrencies, to specialized repositories. The goal is to increase market transparency and protect investors. Citizens engaging in digital commodity transactions, especially those off-exchange, will need to report them in real-time.
Key points
All digital commodity transactions, both on-exchange and off-exchange, must be reported to new, specialized repositories.
Sellers of digital commodities must actually deliver them to the purchaser within 24 hours of the transaction, enhancing security.
New institutions, called digital asset repositories, will be established to collect and maintain transaction data, under government oversight.
Data standards for collected information will be introduced to facilitate market monitoring and fraud prevention.
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Expired
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Additional Information
Print number: 118_HR_5966
Sponsor: Rep. Beyer, Donald S., Jr. [D-VA-8]
Process start date: 2023-10-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Off-Chain Digital Commodity Transaction Reporting Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5966.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-10-25.

What are the main provisions?

Key points include:

  • All digital commodity transactions, both on-exchange and off-exchange, must be reported to new, specialized repositories.
  • Sellers of digital commodities must actually deliver them to the purchaser within 24 hours of the transaction, enhancing security.
  • New institutions, called digital asset repositories, will be established to collect and maintain transaction data, under government oversight.
  • Data standards for collected information will be introduced to facilitate market monitoring and fraud prevention.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Beyer, Donald S., Jr. [D-VA-8].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law