Illinois Congressman Wants Law Allowing Reversal of Crypto Transactions

2021-7-2 22:00

Rep. Bill Foster stated the need for legislation that would allow for the United States government to reverse cryptocurrency transactions. 

Congressman Foster, who is also co-chairman of the Congressional Blockchain Caucus, was interviewed at a recent Axios event and addressed problems surrounding ransomware attacks. The law he suggested would target perpetrators of ransomware attacks and make it easier to get assets back into the hands of the rightful owner. Foster thinks that the government needs to be able to identify cryptocurrency traders and reverse transactions as regulators deem fit. 

Foster pointed out that, as far as he is concerned, criminals are asking more and more for bitcoin and not cash. He added that differences between digital assets and physical assets allow for them to be more useful to criminals. “That’s an important distinction that we must make ultimately in the law,” Foster added. 

During the interview, Foster made a rather shocking statement, suggesting that many of his peers in Congress are under the impression that crypto is used primarily by criminals. “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,” said Congressman Foster.

He added that very few of his colleagues understand cryptocurrencies at all and that education must be done to bring them up to speed. 

The fight for privacy and protection

Congressman Foster acknowledged the crypto community’s desire for privacy but believes continued ransomware attacks will lead to less anonymity in trading as laws are created to combat digital crime. He says that the law he has in mind is merely to protect investors and the government against criminal activity on the blockchain and ransomware attacks. “There is a middle ground that we have to strive for,” Foster concludes. His idea of middle ground would be that of third-party anonymity.

90% of the time, the blockchain determines who gets what and what gets sent where. For fraudulent transactions, criminal activity, or even just mistakes, make up the remaining 10% and would potentially be reversible. 

During the interview, Dan Primack asked about the Colonial Pipeline attack and how the United States was able to reclaim most of the money stolen, suggesting the US already has this issue solved. Foster responded by saying he had to watch his words because the capabilities of the government are “very classified,” but did share that they have long had the ability to track Bitcoin in a way that criminals haven’t figured out yet. 

Fosters interview got a lot of negative attention online with some suggesting he didn’t understand bitcoin transactions and others taking offense to being labeled criminals by Congress for simply owning crypto.

The post Illinois Congressman Wants Law Allowing Reversal of Crypto Transactions appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

transactions crypto illinois reversal congressman wants allowing

transactions crypto → Результатов: 126


Фото:

U.S. Treasury targets crypto mixer transactions as new class of ‘primary money laundering concern’

The U. S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced on Oct. 19 that it is advancing regulation that could broadly restrict crypto mixers. The agency’s Notice of Proposed Rule Making (NPRM) identifies transactions made through convertible virtual currency (CVC) mixing platforms — generally referred to as crypto mixers — as a “class of transactions of […] The post U.

2023-10-20 22:30


French Ministry of Finance Targets Strict KYC Rules For Crypto Transactions; No More Anonymity

France is strengthening its fight against anonymity in crypto transactions, Bruno Le Maire, French Minister of Finance and Economics. In a full statement sent to the Council of Ministers by Bruno Le Maire, Oliver Dussopt and Sebastien Lecornu propose stringent Know-Your-Customer (KYC) laws to govern crypto transactions.

2020-12-11 22:07


Фото:

Bitcoin Cash Researchers Propose a New Transaction Ordering Rule

This week four Bitcoin Cash (BCH) researchers and developers proposed a different transaction sorting process for the BCH protocol called ‘canonical transaction ordering. ’ The proposed method would sort transactions against their identifiers, rather than the current topological transaction ordering rule, making it easier to for the network to process very large blocks.

2018-6-14 03:10


South Korean banks suspected Coinrail transactions months before in Feb

In the latest update to the largest South Korean crypto stealing scandal valued at $37.28 million, media has unearthed evidence that banks had detected suspicious behavior at local exchanges. South Korea major trading center In terms of volume and number of exchanges, South Korean, is by far one of the largest trading centers of cryptocurrency […] The post South Korean banks suspected Coinrail transactions months before in Feb appeared first on ZyCrypto.

2018-6-14 16:25


Swiss Bank to offer Business account to crypto and blockchain related project

Switzerland is recognized as a center for cryptocurrency and blockchain transactions, with Zug (a place in the country) even being referred to as the “Crypto Valley”. The low-tax region is a productive ground for countless startups – ventures such as Ambrosus, Bancor and Jibrel Network have offices in Zug. Another huge cherry on the cake […]

2018-6-13 15:21


Фото:

Is It Right That EOS Is Forcing You To Give Up Your Private Key?

As the EOS MainNet launch continues, after the worlds biggest and most successful ICO that has really delivered EOS to the fore, we are now seeing the network sit within a state of limbo. A state of limbo that is requiring investors to confirm their private key in order to prove asset ownership, in order to allow them to place a vote on who will be allowed to process transactions on the new EOS blockchain.

2018-6-13 13:30


Canadian Exchanges Reports Transactions Over $10k per Proposed Regulations

Once the proposed regulations are implemented, every transaction above $10,000 CAD will have to be reported. Also Read: Bitcoin in Brief Monday: Korean Exchange Hack Takes a Toll on Crypto Markets Crypto Exchanges to Report as MSBs The Department of Finance Canada has issued a Regulatory Impact Analysis Statement regarding proposed amendments to the country’s AML/ATF

2018-6-12 02:07