-: FOLLOW US :- @theinsaneapp
An Illinois Senate Bill has been criticized by the crypto community.
-: FOLLOW US :- @theinsaneapp
The bill would require blockchain miners and validators to reverse transactions if ordered to do so by a state court.
-: FOLLOW US :- @theinsaneapp
The bill is titled the "Digital Property Protection and Law Enforcement Act."
-: FOLLOW US :- @theinsaneapp
The bill allows the courts to order a blockchain transaction to be altered or rescinded.
-: FOLLOW US :- @theinsaneapp
The bill could impose a fine on miners and validators who fail to comply with court orders.
-: FOLLOW US :- @theinsaneapp
The bill was introduced by Illinois Senator Robert Peters.
-: FOLLOW US :- @theinsaneapp
The bill has been called "unworkable" by Florida-based lawyer Drew Hinkes.
-: FOLLOW US :- @theinsaneapp
The bill could lead to significant challenges for blockchain miners and validators.
-: FOLLOW US :- @theinsaneapp
Hinkes has called the bill the "most unworkable state law" related to blockchain and cryptocurrency that he has ever seen.
-: FOLLOW US :- @theinsaneapp
The bill does not provide any defense for miners or validators who operate on a blockchain network that does not comply with court orders.