Odaily News In a letter to the U.S. Securities and Exchange Commission, CoinReg Tech, a provider of digital asset market regulatory technology, proposed regulatory recommendations to the cryptocurrency working group, including:
1. It should be made clear that digital asset securities transactions (whether "on-chain" or "off-chain") should be subject to the same transaction reporting requirements as standard securities.
2. Investor protection and market structure issues related to digital asset securities facilitated by off-chain transactions on trading platforms should be addressed.
3. The Exchange Act rules should be revised to require timely reporting of all transactions deemed to be digital asset securities.
4. The SEC and CFTC should jointly authorize and regulate a digital asset transaction repository (“DART”) that will record transactions (including both those submitted to a public ledger and off-chain transactions) and associated customer ownership, regardless of whether digital assets are classified as “securities” or “commodities.”