I 

118TH CONGRESS 

1ST SESSION H. R. 5966 

To amend the Commodity Exchange Act with respect to reporting digital 

commodity transactions. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 17, 2023 

Mr. BEYER introduced the following bill 

OCTOBER 25, 2023 

Referred to the Committee on Agriculture 

A BILL 

To amend the Commodity Exchange Act with respect to 

reporting digital commodity transactions. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Off-Chain Digital 

5 Commodity Transaction Reporting Act of 2023’’. 

6 SEC. 2. REPORTING OF SWAPS AND DIGITAL COMMODITY 

7 TRANSACTIONS. 

8 Section 2(a)(13) of the Commodity Exchange Act is 

9 amended— 


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1 (1) by amending the paragraph heading to read 

2 as follows: ‘‘REPORTING AND PUBLIC AVAILABILITY

3 OF SWAP AND DIGITAL COMMODITY TRANSACTION

4 DATA’’; 

5 (2) in subparagraph (A), by inserting ‘‘or dig6 ital commodity’’ after ‘‘swap’’ both places it appears; 

7 (3) in subparagraph (B)— 

8 (A) by inserting ‘‘or digital commodity’’ 

9 after ‘‘swap’’; and 

10 (B) by inserting ‘‘and investor protection’’ 

11 before the period at the end; 

12 (4) by amending subparagraph (G) to read as 

13 follows: 

14 ‘‘(G) REPORTING OF SWAPS AND DIGITAL

15 COMMODITY TRANSACTIONS TO REGISTERED

16 REPOSITORIES.— 

17 ‘‘(i) SWAPS.—Each swap (whether 

18 cleared or uncleared) shall be reported to 

19 a registered swap data repository. 

20 ‘‘(ii) DIGITAL COMMODITIES.—Each 

21 contract of sale of a digital commodity in 

22 interstate commerce (whether on-chain or 

23 off-chain) shall be reported to a registered 

24 digital asset repository for transactions.’’; 

25 (5) by adding at the end the following: 


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1 ‘‘(H) REPORTING OF DIGITAL COMMODITY

2 TRANSACTIONS.— 

3 ‘‘(i) IN GENERAL.—With respect to 

4 contracts of sale of digital commodities in 

5 interstate commerce that are not executed 

6 on or through a trading platform, such 

7 transactions shall be reported by the pur8 chaser in real-time to a registered digital 

9 asset repository for transactions as soon as 

10 technologically practicable after execution 

11 of the transaction. 

12 ‘‘(ii) RULE FOR TRADING PLAT13 FORMS.—Trading platforms which facili14 tate contracts of sale of digital commod15 ities in interstate commerce transactions 

16 shall be responsible for reporting all such 

17 transactions to a registered digital asset 

18 repository of transactions as soon as tech19 nically practicable after the execution of 

20 each such transaction. 

21 ‘‘(I) ACTUAL DELIVERY OF DIGITAL COM22 MODITY TRANSACTIONS.— 

23 ‘‘(i) IN GENERAL.—In the case of a 

24 contract of sale of a digital commodity in 

25 interstate commerce, the seller of such digVerDate Sep 11 2014 22:52 Nov 04, 2023 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5966.IH H5966

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1 ital commodity shall actually deliver the 

2 digital commodity into the exclusive control 

3 of the purchaser not less than 24 hours 

4 after the transaction is executed. 

5 ‘‘(ii) ACTUAL DELIVERY.—For pur6 poses of clause (i), actual delivery shall 

7 have occurred only if— 

8 ‘‘(I) the transfer of the digital 

9 commodity from the seller to the pur10 chaser’s address is recorded on the 

11 public distributed ledger for the dig12 ital commodity; or 

13 ‘‘(II) with respect to off-chain 

14 digital commodity transactions on a 

15 trading platform, the trading platform 

16 reports the off-chain digital com17 modity transaction, which must be 

18 held in a customer segregated ac19 count, to a registered digital asset re20 pository of transactions.’’. 

21 SEC. 3. SWAP DATA REPOSITORIES AND DIGITAL ASSET RE22 POSITORIES OF TRANSACTIONS. 

23 (a) COMMODITY EXCHANGE ACT.—Section 21 of the 

24 Commodity Exchange Act (7 U.S.C. 24a) is amended to 

25 read as follows: 


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1 ‘‘SEC. 21. SWAP DATA REPOSITORIES AND DIGITAL ASSET 

2 REPOSITORIES OF TRANSACTIONS. 

3 ‘‘(a) REGISTRATION REQUIREMENT.— 

4 ‘‘(1) REQUIREMENT; AUTHORITY OF DERIVA5 TIVES CLEARING ORGANIZATION.— 

6 ‘‘(A) IN GENERAL.—It shall be unlawful 

7 for any person, unless registered with the Com8 mission, directly or indirectly to make use of 

9 the mails or any means or instrumentality of 

10 interstate commerce to perform the functions of 

11 a swap data repository or a digital asset reposi12 tory of transactions. 

13 ‘‘(B) REGISTRATION OF DERIVATIVES

14 CLEARING ORGANIZATIONS.—A derivatives 

15 clearing organization may register as a swap 

16 data repository. 

17 ‘‘(2) INSPECTION AND EXAMINATION.—Each 

18 registered swap data repository and digital asset re19 pository of transactions shall be subject to inspection 

20 and examination by any representative of the Com21 mission. 

22 ‘‘(3) COMPLIANCE WITH CORE PRINCIPLES.— 

23 ‘‘(A) IN GENERAL.—To be registered, and 

24 maintain registration, as a swap data repository 

25 or a digital asset repository of transactions, the 


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1 swap data repository or digital asset repository 

2 of transactions shall comply with— 

3 ‘‘(i) the requirements and core prin4 ciples described in this section; and 

5 ‘‘(ii) any requirement that the Com6 mission may impose by rule or regulation 

7 pursuant to section 8a(5). 

8 ‘‘(B) REASONABLE DISCRETION OF REPOS9 ITORY.—Unless otherwise determined by the 

10 Commission by rule or regulation, a swap data 

11 repository or a digital asset repository of trans12 actions described in subparagraph (A) shall 

13 have reasonable discretion in establishing the 

14 manner in which the swap data repository or 

15 the digital asset repository of transactions com16 plies with the core principles described in this 

17 section. 

18 ‘‘(b) STANDARD SETTING.— 

19 ‘‘(1) DATA IDENTIFICATION.— 

20 ‘‘(A) IN GENERAL.—In accordance with 

21 subparagraph (B), the Commission shall pre22 scribe standards that specify the data elements 

23 for each swap or digital commodity, digital 

24 asset, or digital collectible (as determined a col25 lectible under section 408(m) of the Internal 


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1 Revenue Code) that shall be collected and main2 tained by each registered swap data repository 

3 or digital asset repository of transactions, re4 spectively. 

5 ‘‘(B) REQUIREMENT.—In carrying out 

6 subparagraph (A), the Commission shall pre7 scribe consistent data element standards appli8 cable to registered entities and reporting 

9 counterparties. 

10 ‘‘(2) DATA COLLECTION AND MAINTENANCE.— 

11 The Commission shall prescribe data collection and 

12 data maintenance standards for swap data reposi13 tories and digital asset repositories of transactions. 

14 ‘‘(3) COMPARABILITY.—The standards pre15 scribed by the Commission under this subsection 

16 shall be comparable to the data standards imposed 

17 by the Commission on derivatives clearing organiza18 tions in connection with the clearing of swaps or dig19 ital commodities, digital assets, or digital collectibles, 

20 as appropriate. 

21 ‘‘(4) CONSISTENT STANDARDS.—If a digital 

22 asset repository of transactions is jointly registered 

23 with the Commission and Securities and Exchange 

24 Commission and receives digital commodity, digital 

25 asset, and digital collectible transaction data, the 


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1 Commission shall coordinate with the Securities and 

2 Exchange Commission and the Commissioner of the 

3 Internal Revenue Service to ensure that the data 

4 standards and elements are appropriate and con5 sistent for use by both Commissions and the Inter6 nal Revenue Service. 

7 ‘‘(c) DUTIES.—A swap data repository or a digital 

8 asset repository of transactions shall— 

9 ‘‘(1) accept data prescribed by the Commission 

10 for each swap or digital commodity, digital asset, or 

11 digital collectible transaction under subsection (b), 

12 respectively; 

13 ‘‘(2) confirm with both counterparties to the 

14 swap or digital commodity, digital asset, or digital 

15 collectible transaction the accuracy of the data that 

16 was submitted; 

17 ‘‘(3) maintain the data described in paragraph 

18 (1) in such form, in such manner, and for such pe19 riod as may be required by the Commission; 

20 ‘‘(4)(A) provide direct electronic access to the 

21 Commission (or any designee of the Commission, in22 cluding another registered entity); and 

23 ‘‘(B) provide the information described in para24 graph (1) in such form and at such frequency as the 

25 Commission may require to comply with the public 


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1 reporting requirements contained in section 

2 2(a)(13); 

3 ‘‘(5) at the direction of the Commission, estab4 lish automated systems for monitoring, screening, 

5 and analyzing swap or digital commodity, digital 

6 asset, or digital collectible data, including compli7 ance and frequency of end user clearing exemption 

8 claims by individual and affiliated entities; 

9 ‘‘(6) maintain the privacy of any and all swap 

10 or digital commodity, digital asset, or digital collect11 ible transaction information that the swap data re12 pository or digital asset repository of transactions, 

13 respectively, receives from a swap dealer, 

14 counterparty, or any other registered entity; 

15 ‘‘(7) on a confidential basis pursuant to section 

16 8, upon request, and after notifying the Commission 

17 of the request, make available each swap or digital 

18 commodity, digital asset, or digital collectible data 

19 obtained by the swap data repository or digital asset 

20 repository of transactions, respectively, including in21 dividual counterparty trade and position data, to— 

22 ‘‘(A) each appropriate prudential regulator; 

23 ‘‘(B) the Financial Stability Oversight 

24 Council; 


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1 ‘‘(C) the Securities and Exchange Commis2 sion; 

3 ‘‘(D) the Department of Justice; and 

4 ‘‘(E) any other person that the Commis5 sion determines to be appropriate, including— 

6 ‘‘(i) foreign financial supervisors (in7 cluding foreign futures authorities); 

8 ‘‘(ii) foreign central banks; 

9 ‘‘(iii) foreign ministries; and 

10 ‘‘(iv) other foreign authorities; and 

11 ‘‘(8) establish and maintain emergency proce12 dures, backup facilities, and a plan for disaster re13 covery that allows timely recovery and resumption of 

14 operations and the fulfillment of the responsibilities 

15 and obligations of the organization. 

16 ‘‘(d) CONFIDENTIALITY AGREEMENT.—Before the 

17 swap data repository or digital asset repository of trans18 actions may share information with any entity described 

19 in subsection (c)(7), the swap data repository or digital 

20 asset repository of transactions shall receive a written 

21 agreement from each entity stating that the entity shall 

22 abide by the confidentiality requirements described in sec23 tion 12 of this title relating to information on swap or 

24 digital commodity, digital asset, or digital collectible (as 


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1 determined a collectible under section 408(m) of the Inter2 nal Revenue Code), respectively, that is provided. 

3 ‘‘(e) DESIGNATION OF CHIEF COMPLIANCE OFFI4 CER.— 

5 ‘‘(1) IN GENERAL.—Each swap data repository 

6 or digital asset repository of transactions shall des7 ignate an individual to serve as a chief compliance 

8 officer. 

9 ‘‘(2) DUTIES.—The chief compliance officer 

10 shall— 

11 ‘‘(A) report directly to the board or to the 

12 senior officer of the swap data repository or 

13 digital asset repository of transactions; 

14 ‘‘(B) review the compliance of the swap 

15 data repository or digital asset repository of 

16 transactions with respect to requirements and 

17 core principles described in this section; 

18 ‘‘(C) in consultation with the board of the 

19 swap data repository or digital asset repository 

20 of transactions, a body performing a function 

21 similar to the board of the swap data repository 

22 or digital asset repository of transactions, or 

23 senior officer of the swap data repository or 

24 digital asset repository of transactions resolve 

25 any conflicts of interest that may arise; 


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1 ‘‘(D) be responsible for administering each 

2 policy and procedure that is required to be es3 tablished pursuant to this section; 

4 ‘‘(E) ensure compliance with this Act (in5 cluding regulations) relating to agreements, 

6 contracts, or transactions, including each rule 

7 prescribed by the Commission under this sec8 tion; 

9 ‘‘(F) establish procedures for the remedi10 ation of noncompliance issues identified by the 

11 chief compliance officer through any— 

12 ‘‘(i) compliance office review; 

13 ‘‘(ii) look-back; 

14 ‘‘(iii) internal or external audit find15 ing; 

16 ‘‘(iv) self-reported error; or 

17 ‘‘(v) validated complaint; and 

18 ‘‘(G) establish and follow appropriate pro19 cedures for handling, management response, re20 mediation, retesting, and closing of noncompli21 ance issues. 

22 ‘‘(3) ANNUAL REPORTS.— 

23 ‘‘(A) IN GENERAL.—In accordance with 

24 rules prescribed by the Commission, the chief 


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1 compliance officer shall annually prepare and 

2 sign a report that contains a description of— 

3 ‘‘(i) the compliance of the swap data 

4 repository or the digital asset repository of 

5 transactions, as appropriate, of the chief 

6 compliance office with respect to this Act 

7 (including regulations); and 

8 ‘‘(ii) each policy and procedure of the 

9 swap data repository or the digital asset 

10 repository of transactions, as appropriate, 

11 of the chief compliance officer (including 

12 the code of ethics and conflict of interest 

13 policies of the swap data repository or the 

14 digital asset repository of transactions, as 

15 appropriate). 

16 ‘‘(B) REQUIREMENTS.—A compliance re17 port under subparagraph (A) shall— 

18 ‘‘(i) accompany each appropriate fi19 nancial report of the swap data repository 

20 or digital asset repository of transactions 

21 that is required to be furnished to the 

22 Commission pursuant to this section; and 

23 ‘‘(ii) include a certification that, under 

24 penalty of law, the compliance report is ac25 curate and complete. 


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1 ‘‘(f) CORE PRINCIPLES APPLICABLE TO SWAP DATA

2 REPOSITORIES AND DIGITAL ASSET REPOSITORIES OF

3 TRANSACTIONS.— 

4 ‘‘(1) ANTITRUST CONSIDERATIONS.—Unless 

5 necessary or appropriate to achieve the purposes of 

6 this Act, a swap data repository or digital asset re7 pository of transactions shall not— 

8 ‘‘(A) adopt any rule or take any actions 

9 that result in any unreasonable restraint of 

10 trade; or 

11 ‘‘(B) impose any material anticompetitive 

12 burden on the trading, clearing, or reporting of 

13 transactions. 

14 ‘‘(2) GOVERNANCE ARRANGEMENTS.—Each 

15 swap data repository or digital asset repository of 

16 transactions shall establish governance arrangements 

17 that are transparent— 

18 ‘‘(A) to fulfill public interest requirements; 

19 and 

20 ‘‘(B) to support the objectives of the Fed21 eral Government, owners, and participants. 

22 ‘‘(3) CONFLICTS OF INTEREST.—Each swap 

23 data repository or digital asset repository of trans24 actions shall— 


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1 ‘‘(A) establish and enforce rules to mini2 mize conflicts of interest in the decision-making 

3 process of the swap data repository or the dig4 ital asset repository of transactions; and 

5 ‘‘(B) establish a process for resolving con6 flicts of interest described in subparagraph (A). 

7 ‘‘(4) ADDITIONAL DUTIES DEVELOPED BY THE

8 COMMISSION.— 

9 ‘‘(A) IN GENERAL.—The Commission may 

10 develop 1 or more additional duties applicable 

11 to swap data repositories or digital asset reposi12 tories of transactions. 

13 ‘‘(B) CONSIDERATION OF EVOLVING

14 STANDARDS.—In developing additional duties 

15 under subparagraph (A), the Commission may 

16 take into consideration any evolving standard of 

17 the United States or the international commu18 nity. 

19 ‘‘(C) ADDITIONAL DUTIES FOR COMMIS20 SION DESIGNEES.—The Commission shall es21 tablish additional duties for any registered swap 

22 data repository or digital asset repository of 

23 transactions in order to minimize conflicts of 

24 interest, protect data, ensure compliance, and 

25 guarantee safety and security of the swap data 


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1 repository or digital asset repository of trans2 actions. 

3 ‘‘(g) REQUIRED REGISTRATION OF SWAP DATA RE4 POSITORIES AND DIGITAL ASSET REPOSITORIES OF

5 TRANSACTIONS.—Any person that is required to be reg6 istered as a swap data repository or a digital asset reposi7 tory of transactions under this section shall register with 

8 the Commission regardless of whether that person is also 

9 licensed as a bank, trust company, money services busi10 ness, or registered with the Securities and Exchange Com11 mission as a security-based swap data repository, broker12 dealer, qualified custodian, or transfer agent. 

13 ‘‘(h) DUAL SEC AND CFTC REGISTRATION OF DIG14 ITAL ASSET REPOSITORY OF TRANSACTIONS.—Any per15 son that seeks to act as a digital asset repository for trans16 actions for digital commodities, digital assets, digital col17 lectibles (as determined a collectible under section 408(m) 

18 of the Internal Revenue Code) shall register with the Com19 mission and Securities and Exchange Commission subject 

20 to joint regulation by such Commissions, but only with re21 spect to the digital commodities and digital assets subject 

22 to their respective jurisdictions. 

23 ‘‘(i) RULES.—The Commission shall adopt rules gov24 erning persons that are registered under this section.’’. 


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1 SEC. 4. DEFINITIONS. 

2 (a) IN GENERAL.—Section 1a of the Commodity Ex3 change Act (7 U.S.C 1a) is amended by adding at the 

4 end the following: 

5 ‘‘(52) DIGITAL ASSET REPOSITORY OF TRANS6 ACTIONS.—The term ‘digital asset repository of 

7 transactions’ or ‘DART’ means any person that col8 lects and maintains information or records with re9 spect to transactions or positions in, or the terms 

10 and conditions of digital commodities, digital assets, 

11 or digital collectibles (as determined a collectibles 

12 under section 408(m) of the Internal Revenue Code) 

13 entered into by third parties for the purpose of pro14 viding a centralized recordkeeping facility for digital 

15 commodities, digital assets, or digital collectibles. 

16 ‘‘(53) OFF-CHAIN DIGITAL COMMODITY TRANS17 ACTION.—The term ‘off-chain digital commodity 

18 transaction’ means any contract of sale of a digital 

19 commodity in interstate commerce which is not 

20 mined or validated and recorded on the appropriate 

21 public distributed ledger for such digital commodity 

22 within 24 hours of the transaction being entered 

23 into.’’. 

24 (b) DEFINITION OF REGISTERED ENTITY.—Section 

25 1a(40)(E) of the Commodity Exchange Act (7 U.S.C. 


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1 1a(40)(E)) is amended by inserting ‘‘or a digital asset re2 pository of transactions’’ after ‘‘section 21’’. 

Æ 


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