- NYUStern adjunct professor Drew Hinkes argues SB1887 is disrupting crypto.
- According to Drew Hinkes, the bill aims to safeguard Illinois users.
- Drew argues the court should defend impossibility claims and appeal penalties.
According to Drew Hinkes, Illinois Senate Bill SB1887 will push away blockchain, node operators, miners, and validators, squander court resources, and muddle current legislation in a futile attempt to protect Illinois consumers.
Drew Hinkes argues in the introduction that it is a surprising shift for a state that was previously pro-innovation. Moreover, he claimed it was the most irrelevant state law concerning cryptocurrencies and blockchain technology he had ever encountered.
Further, Drew Hinkes claims the legislation primarily aims to protect Illinois residents. However, it is built in such a way that it may compel node operators, miners, and validators to do impossible tasks or even establish new criminal and civil duties with the fear of fines.
For example, the bill would require state licensing for blockchain node operators, miners, and validators. Sadly, this permit would come with a steep charge and a slew of rules, making it impossible for many businesses to keep functioning in Illinois.
Furthermore, Illinois SB1887 states that, upon a petition by the Attorney General or a state’s attorney, the court shall assess a forfeiture of $5,000 to $10,000 for each day the blockchain network disregards the order.
In conclusion, many in the internet industry are worried about what may come of the Senate measure regarding court fights and more complexity in compliance.
Drew Hinkes is of the opinion that the courts may have to defend impossibility arguments and face appeals of fines, which might lead to miners leaving the state. In addition, other states might challenge the service statute, and constitutional questions could arise from the process.
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