• Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
Newsletter
Crypto Hoarding
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
Crypto Hoarding
No Result
View All Result
Home Blockchain

Government must have power to reverse crypto transactions, says co-chair of blockchain caucus – MarketWatch

Admin by Admin
June 29, 2021
in Blockchain
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Google invested a whopping $1.5B into blockchain companies since September – Cointelegraph

August 16, 2022

Are Blockchain Bridges Safe? Why Bridges Are Targets of Hacks – CoinDesk

August 16, 2022

Many in the cryptocurrency industry have long demanded that Congress provide “regulatory clarity” on how it will tax and regulate digital assets. But as powerful figures in Washington weigh in, it’s doubtful crypto enthusiasts are liking what they hear.

Democratic Rep. Bill Foster of Illinois, co-chair of the House blockchain caucus, said Tuesday that laws must be passed to allow federal courts to identify digital-asset holders and then reverse transactions in bitcoin BTCUSD, +0.19% or other digital currencies, a policy that is anathema to many cryptocurrency investors.

“You have to be able to go to a court to unmask participants under some circumstances,” Foster said during an Axios virtual event Tuesday, adding that cryptocurrencies must be “pseudo anonymous, so the regulators can see” if transactions on the network are fraudulent.

Different cryptocurrencies exist on a continuum of anonymity. Bitcoin, for instance, is largely anonymous even as every transaction on the network is public for anyone to investigate. However, there are methods of discovering someone’s real-world identity by studying this transaction history and searching the internet for instances when a bitcoin user may have accidentally linked their bitcoin wallet address with personal information. It’s possible, for example, for a user to send his wallet address along with an email signature that includes personal information like a name or phone number.

Foster suggested new laws should require a different form of pseudo-anonymity, wherein a court — that is, a third party — could learn the real-world identity of a cryptocurrency user through a “very heavily guarded key.”

Foster argued such tools are necessary for the government is to protect itself, American businesses and individuals from ransomware attacks like the one used to extort millions of dollars from Colonial Pipeline, an incident that led to widespread gasoline shortages last month.

“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.”

Many in the cryptocurrency industry have argued that no government can actually prevent its citizens from buying and selling bitcoin or other cryptocurrencies that provide varying degrees of anonymity. For instance Changpeng Zhao, CEO of the world’s largest crypto exchange Binance, said at the recent CoinDesk Consensus 2021 virtual conference that “I don’t think anyone can shut it down now, given that this technology, this concept, is in 500 million people’s heads.”

Just a few weeks later, the United Kingdom restricted use of the exchange within its borders, but the impact of that move on crypto use in the U.K. remains to be seen.

Foster continued that cryptocurrencies must become compliant with federal regulations and laws for them to ever become mainstream instruments for conducting transactions.

“We’re going to have to establish a law between the legal and illegal regimes here,” Foster said. “There’s a significant sentiment, increasing sentiment, in Congress that if you’re participating in an anonymous crypto transaction that you’re a de-facto participant in a criminal conspiracy.”

Share76Tweet47

Related Posts

Google invested a whopping $1.5B into blockchain companies since September – Cointelegraph

by Admin
August 16, 2022
0

Google invested a whopping $1.5B into blockchain companies since September  Cointelegraph

Are Blockchain Bridges Safe? Why Bridges Are Targets of Hacks – CoinDesk

by Admin
August 16, 2022
0

Are Blockchain Bridges Safe? Why Bridges Are Targets of Hacks  CoinDesk

How Blocks Are Added to a Blockchain, Explained Simply – CoinDesk

by Admin
August 16, 2022
0

How Blocks Are Added to a Blockchain, Explained Simply  CoinDesk

Jump Crypto Picked to Revamp Solana to Make Blockchain More Reliable – CoinDesk

by Admin
August 16, 2022
0

Jump Crypto Picked to Revamp Solana to Make Blockchain More Reliable  CoinDesk

Philippines: Blockchain-based solution Twala receives P4.6M grant from DOST – CoinGeek

by Admin
August 16, 2022
0

Philippines: Blockchain-based solution Twala receives P4.6M grant from DOST  CoinGeek

Load More
  • Trending
  • Comments
  • Latest
Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

April 21, 2021

SteveWillDoIt reveals hacker stole his crypto wallet: “I lost a lot of money” – Dexerto

July 26, 2021
Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

February 11, 2022

Blockchain Use in Supply Chain Leads to Greater Benefits – The National Law Review

August 25, 2021

TA: Ethereum Indicators Suggest ETH at Potentially Significant Turning Point – NewsBTC

0

Rivals Ripple and R3 partner up | PaymentsSource – American Banker

0
Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

0

Litecoin Gets Bullish Speculation, at Last, as Upgrade Approaches – Coindesk

0

TA: Ethereum Indicators Suggest ETH at Potentially Significant Turning Point – NewsBTC

August 17, 2022

Google invested a whopping $1.5B into blockchain companies since September – Cointelegraph

August 16, 2022

Bankrupt Crypto Lender Celsius Gets Cash-Injection Offers, Approval to Sell Mined Bitcoin – CoinDesk

August 16, 2022

Market Wrap: Bitcoin’s Price Retraces Again, Breaks Below Trendline – CoinDesk

August 16, 2022
Crypto Hoarding

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Bitcoin
  • Blockchain
  • Cryptocurrency Hackers
  • Ethereum
  • Litecoin
  • Ripple

Newsletter

[mc4wp_form]

  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

Copyright (c) 2021 - Crypto Hoarding - All Rights Reserved - web design by TechyRack