U.S Congressman Wants Courts granted the power to Reverse Cryptocurrency Transactions

Bill Foster

June 30, 2021

Reading Time: 2 minutes

During a virtual event hosted by Axios on June 29, Bill Foster, CO Chairman of the US Congress blockchain core group, said that the courts must have the power to reverse completed crypto transactions.

According to Bill Foster, many members of Congress claim that bitcoin users are real participants in criminal acts. Therefore legislation must be enacted to enable the US federal court to identify digital asset holders and invalidate bitcoin and other digital currency transactions.

Foster has proposed that courts be able to roll back blockchains via a cryptographic backdoor.

Foster believes that the court should de-anonymize digital currencies and cancel illegal or incorrect transactions.

In certain situations, he added, one must be able to go to court to expose participants.

Foster thinks that allowing the government and people of the United States to identify bitcoin clients and reverse payments would protect them from future data breaches.

Following his remarks that the court should be allowed to turn back blockchains, US Congressman Bill Foster must believe that blockchain’s immutability is a joke.

Criticism from the community

Such a strategy may seem like blasphemy to Bitcoin supporters since it contradicts the cryptocurrency’s fundamental purpose.

Foster’s remarks drew harsh criticism from the community, as one would expect. Caitlin Long, CEO of Avanti Financial Group, said that the sector still had work in Washington, DC. Preston Pysh, a well-known podcaster, says that it is difficult to be much more ignorant than that.

A blockchain has never been rolled back owing to a fraudster without miners colliding. Attempting to roll back a blockchain after a security breach spawned Ethereum Classic and plenty of other cryptocurrencies.

While it is difficult to reverse payments on the Bitcoin network without colluding miners in a 51 percent assault, however, to be fair to Foster, Binance CEO Changpeng Zhao floated the notion in May 2019, just after the platform was breached.

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