Blockchain-related Illinois Senate bill mocked by crypto community

Last Updated on 38 mins by John Piper

Robert Peters, a llinois senator, has introduced a Senate Bill in the state legislature. It is called the “Digital Property Protection and Law Enforcement Act”. The Bill’s introduction has been met with criticism and mockery by the crypto community because of its “unworkable” plan.

Although the bill was not noticed at the time, it gives courts the power to require that any blockchain transaction, such as sending Bitcoin ($BTC), is canceled or modified if the attorney general or state’s attorney makes a valid request pursuant to Illinois law. The proposed bill would apply to any blockchain network processing a blockchain transaction that originates in the State. It would also require anyone using a smartcontract to deliver goods or services to include code that can be used to comply to court orders.

Drew Hinkes, a Florida lawyer, noticed it and tweeted about it.

If they fail to comply with court orders related their blockchain operations, the bill could impose daily fines up to $10,000 on validators and blockchain miners.

Although blockchain is immutable, and cannot be changed in its natural state, the bill would still require that networks have a mechanism that allows them to alter it.


“As such, the cost of enforcing legal rights in digital properties is often prohibitive so that property rights cannot be defended and the vast majority blockchain crimes are unpunished.”

Although the bill was presented earlier in February it would still need to go through three separate committee hearings before being voted on. They would then pass the bill to Jay Pritzker (the Illinois Governor), who could either reject the bill or sign it into law. The bill’s contents will be effective 30 days after it is passed.

The proposed bill was ridiculed by the cryptocurrency community for its absurdity. Recognizing the need to regulate the space and introduce bills to improve consumer protection, it would prove impossible for users of the cryptocurrency space, including miners and validateators, to work around the Senator Peters’ bill. Compliance would not be possible.

Coin Insider’s first post, Blockchain-related Illinois Senate Bill mocked By Crypto Community appeared first on Coin Insider.

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