According to CoinDesk, U.S. Rep. Don Beyer, a Democrat, has proposed legislation that would require cryptocurrency exchanges to share their internal transaction data with regulated repositories. This would allow regulators such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to monitor the movement of digital assets, which are currently only recorded on the exchanges' own ledgers. Beyer's proposal aims to prevent future collapses of major exchanges by providing regulators with greater visibility into the flow of crypto assets.

Beyer has been in talks with Republicans in an attempt to merge his idea for crypto data repositories into their market-structure bill, which is already in motion. However, the Senate has so far been resistant to allowing major crypto legislation in this session. Beyer's proposal is intended to address concerns about the lack of transparency in the crypto market, which can leave investors and consumers vulnerable to fraud and manipulation. The proposed crypto data repositories would be similar to the swaps trading information repositories established by the Dodd-Frank Act of 2010.

While Beyer is the top House Democrat on the Joint Economic Committee, he is not a member of the House Financial Services or Agriculture committees, which would likely be responsible for overseeing crypto legislation. Republicans, who control the House, have their own crypto agenda and have shown a willingness to advance bills without wide bipartisan support. It remains uncertain whether crypto-friendly Republicans will be receptive to Beyer's proposal, which represents a complex and costly action that would expose the inner workings of digital asset platforms.