US government says it must have power to reverse Bitcoin transactions

Co-chair of the House blockchain caucus said that the US government needs the power to reverse crypto transactions for regulation.

1 minute & 36 seconds read time

As Bitcoin and other cryptocurrencies have grown in adoption and overall interest, the US government has been posed with the question of how regulation should be implemented.

US government says it must have power to reverse Bitcoin transactions 01

Many cryptocurrency investors are against the idea of regulation as it infringes on the very principles of why the blockchain and cryptocurrencies are popular in the first place - decentralization. Having any form of regulation for cryptocurrency transactions would add a third party that traders may not necessarily trust or believe is warranted to be there. You can see where the divide currently lies and where new laws need to be written to bridge the gap.

Democratic Rep. Bill Foster of Illinois, the co-chair of the House blockchain caucus, said on June 29 that the US government regulators need to have the power to identify digital-asset holders and reverse transactions in bitcoin or other cryptocurrencies. Foster says, "You have to be able to go to a court to unmask participants under some circumstances." Foster suggests that new laws should be written that would allow a court (third-party) to identify a cryptocurrency use through a "very heavily guarded key."

Foster goes on to say that these new laws need to be put in place to ensure the safety from ransomware attacks targeted toward the US government, American businesses, or individuals.

"I've just said about three things there that will drive the crypto purists berserk, like the trusted third party and so on. But in fact, there's not a technological alternative that I'm aware of," Foster said. "For most people if they're going to have a big part of their net worth tied up in crypto assets, they're going to want to have that security blanket of a trusted third party that can solve the problem."

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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