Beyer Introduces Bill to Create Crypto Transaction Repositories for Regulators
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U.S. Rep. Don Beyers introduced a bill to create centralized repositories to record off-chain crypto transactions and make data available to regulators.
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Goal is to prevent exchanges like FTX from collapsing by increasing transparency into crypto flows.
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Bill faces challenges getting support from House Republicans and Senate.
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Idea is modeled after Dodd-Frank Act requiring reporting of swaps trades after 2008 crisis.
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Beyer hopes to get Republicans to include his data repository idea in their broader crypto market structure bill.