- The crypto community has mocked a bill recently introduced in the Illinois Senate for its “impractical” plans.
- The bill plans to push blockchain miners and validators to do the impossible.
The crypto community has scoffed at a recently introduced Illinois Senate bill that has an “impossible” plan to allow blockchain miners and validators to do impossible things like reverse transactions when ordered to do so by a state court.
Illinois Senator Robert Peters silently City: Senate bill in the Illinois legislature on February 9. However, it seems the community only recently became aware of this, as Florida attorney Drew Hinks talked about About this on Twitter on February 19.
Entitled the Digital Asset Protection and Law Enforcement Act, the bill would allow courts to order the alteration or cancellation of blockchain transactions executed through a smart contract if such a request is made by the attorney general or state attorney.
The law would apply to any Illinois-based blockchain network that processes blockchain transactions.
According to Hinkes, the bill is the most unworkable blockchain- and cryptocurrency-related state legislation he has ever seen.
Under the bill, blockchain miners and validators who fail to comply with court orders could face fines ranging from $5,000 to $10,000 per day.
“This is a surprising reverse course for a state that was previously pro-innovation. Instead we now have possibly the most impractical state legislation related to #crypto and #blockchain I have ever seen,” he tweeted.
Cardano creator Charles Hoskinson also took to Twitter share He believes that it was the collapse of FTX that caused such a regulatory backlash for the entire crypto industry.
It is impossible for the miners to follow the decree.
While Hinkes acknowledged the importance of enacting legislation to strengthen consumer protection, he noted that it would be impossible for miners and validators to comply with the bill.
Hinks was also surprised to learn that there would be no defense available to miners or validators operating on a blockchain network who had not put in place the proper procedures available for compliance.
The bill appears to require anyone using smart contracts to deliver goods and services to include code in the smart contract that can be used to comply with court orders.
According to the bill, fraud and error will be the two most common cases in which Illinois courts can order the victim or the original sender to block blockchain transactions. The bill aims to help users recover their assets if they lose their private keys.
