Illinois Bill To Ban ‘Unworkable’ Blockchain
The crypto community has mocked a recently introduced Illinois Senate Bill for its “unworkable” plans to force blockchain miners and validators to do “impossible things,” such as reverse transactions if ordered to do so by a state court.
Titled the “Digital Property Protection and Law Enforcement Act,” the bill would authorize the courts — upon a valid request from the attorney general or a state’s attorney that is made pursuant to the laws of Illinois — to order a blockchain transaction that is executed via a smart contract to be altered or rescinded.
The act would apply to any “blockchain network that processes a blockchain transaction originating in the State.”
Hinkes called the bill “the most unworkable state law” he has ever seen relating to blockchain and cryptocurrency.
According to the bill, blockchain miners and validators who fail to comply with court orders may face fines ranging from $5,000 to $10,000 per day.
(With inputs from Shikha Singh)
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