The cryptocurrency industry has mocked a recently filed Illinois Senate Bill for its unfeasible plans to compel blockchain miners and validators to undertake impractical things like reverse transactions if so directed by a state court.
Robert Peters, an Illinois senator, introduced the Senate Bill on February 9; however, it didn’t seem to be widely known until Florida-based attorney Drew Hinkes made a tweet about it on Twitter on February 19, which suggests that the community has just recently been aware of it.
#Illinois Senate Bill SB1887 would drive out #blockchain #node operators, #miners, and #validators, waste judicial resources, and confuse existing law in a quixotic attempt to protect Illinois consumers. Let’s examine the mess in a #thread:
— Drew Hinkes (@propelforward) February 19, 2023
The bill titled Digital Property Protection and Law Enforcement Act would give the courts the power to order the alteration or revocation of a blockchain transaction that was carried out by a smart contract upon a legitimate request from the attorney general or a state’s attorney made following Illinois law.
Every blockchain network that manages a blockchain transaction coming from the state would be subject to the legislation. The bill, according to Hinkes, is “the most unworkable state law” he has ever seen in terms of blockchain and cryptocurrencies.
Hikes stated in a tweet:
“This is a stunning reverse course for a state that was previously pro -innovation. Instead we now get possibly the most unworkable state law related to #crypto and #blockchain I’ve ever seen. A shocking turn of events for the #tech community in #illinois”
According to the proposed legislation, any blockchain miners and validators disregarding court orders could face fines ranging from $5,000 to $10,000. Hinkes stated that the law put out by Senator Peters would be difficult for miners and validators to comply with, although he accepted the necessity of implementing bills that increase consumer protection.
SB1887 focuses on consumer protection (this is GOOD). But, the manner in which it seeks to protect consumers is to require #node operators ##miners & #validators to do impossible things, or things that create for themselves new criminal & civil liability at pain of fines/ fees /3
— Drew Hinkes (@propelforward) February 19, 2023
Hinkes was surprised to learn that miners and validators who worked on blockchain networks without adopting practical measures to comply with court rulings would have no defence. Also, it appears that the bill requires anyone utilizing a smart contract to deliver goods and services to incorporate code that can be used to abide by court rulings.
Crypto expert “foobar” tweeted that it was “hilarious” that court-ordered transactions would need to be altered in some way “without needing the private key” of the parties.
this is hilarious, Illinois is proposing a bill that would make miners & validators “respond to a court order by including transactions on the blockchain without needing the private key”
why are you refusing to comply, transfer satoshi’s bitcoin to governor pritzker! off to jail https://t.co/7JcpktWMgH pic.twitter.com/FPKLsFNE3e
— foobar (@0xfoobar) February 19, 2023
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