- Democratic Rep. Bill Foster of Illinois stated Bitcoin transactions need more transparency.
- Such a policy is repugnant to cryptocurrency supporters and investors.
- Netizens had a field day trolling the representative’s statement
The co-chair of the House blockchain caucus, Representative Bill Foster of Illinois, said there is a need for laws that allow federal courts to identify digital asset holders and ‘reverse transactions’ in Bitcoin.
While the transparency aspect was a matter of concern for crypto enthusiasts, it was the idea of ‘reversible crypto transactions’ that left netizens in splits. As a result, the representative was the target of trolling across Reddit and other social media.
Reversible Crypto Transactions, Anyone?
Rep. Bill Foster made his comments during an Axios Virtual Event. According to him, there should be a provision that allows courts to unmask digital asset holders or participants of a digital currency transaction. Although many in the cryptocurrency industry have long demanded regulatory clarity, such solutions are sure to leave a bitter taste in the mouths of crypto enthusiasts.
Rep. Foster suggested using a ‘very heavily guarded key‘ to create a form of pseudo-anonymity. For the uninitiated, keys allow users to prove ownership of wallets. The representative stated that only courts would have access to the key for use under special circumstances. Moreover, he argued such tools would protect the American government and businesses from ransomware attacks.
The Congressman from Illinois also said that the laws would have provisions to reverse Bitcoin transactions. He added that pseudo-anonymous cryptocurrencies would help prevent fraudulent activities.
We Don’t Do That Here – Crypto Enthusiasts
As expected, the news did not sit well with the crypto community. However, the internet did find humor in the Congressman’s statements- the idea of reversible Bitcoin or crypto transactions. Digital currency transactions are irreversible; the receiving party can only refund them.
A Reddit user, u/PurplerRain, posted an article about Rep. Foster’s comments, and it quickly garnered 1.1k comments on its thread. Some users made fun of the Representative’s not-so-modern technical knowledge.
While other users shared concerns over the government’s efforts of ‘breaking crypto.’
Another user shared the following image about reversible crypto transactions.
While trolls had a field day, forcing the cryptocurrency industry to allow third-party intrusion will hinder the goal of decentralization. As a matter of fact, anonymity and decentralization are the pillars cryptocurrencies stand on. Furthermore, anonymous transactions are not always criminal activity.
As the line from the movie Anon goes, ‘It’s not that I have something to hide. I have nothing I want you to see.’ But, unfortunately, nefarious intents don’t always accompany a desire for anonymity.