A US Congressman Demands That The Government Be Able To Reverse Bitcoin Transactions

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, -0.33% or other digital currencies, a policy that is anathema to many cryptocurrency investors.

Source: https://www.marketwatch.com/story/government-must-have-power-to-reverse-crypto-transactions-says-co-chair-of-blockchain-caucus-11624995008

Idiot.

First of all, which government? The majority of Bitcoin miners are outside of US jurisdiction. Secondly, what he demands is not possible.

The Financial Action Task Force is an international organization with the power to give sovereign governments recommendations as to how to regulate the financial system. They're pushing for global acceptance of regulations that aim at making life difficult for those who engage in p2p transactions.

Attacking DEXs and DApps and forcing them to collect sensitive KYC information about their users is possible if there is an identifiable party responsible for the running of the DEX or the DApp. But truly decentralized solutions are invulnerable to this type of regulation. I predict that the next round of innovation will be in drastically increasing the decentralization of the architectures.

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