- Charles Hoskinson retweeted a tweet on the Illinois Senate bill.
- The Senate bill is likely to kill the cryptocurrency industry in the US.
- It could also drive out blockchain users, node operators, miners, and validators.
Cardano co-founder Charles Hoskinson recently shared a tweet about the Illinois Senate bill that could potentially kill the crypto industry in the US. In his tweet, he mentioned that this is the primary reason why people want to blacklist the entire United States.
According to the details from the tweet, the Illinois Senate bill SB1887 could probably throw out blockchain node operators, miners, and validators from the country. The details of the bill were shared by a Twitter user named Drew Hinkes.
The details of the Senate bill are quite the opposite for a state that was previously pro-innovation. He also mentioned that Illinois has the most unworkable state law related to cryptocurrency and blockchain.
SB1887 focuses on consumer protection (this is GOOD). But the manner in which it seeks to protect consumers is to require node operators, miners, and validators to do impossible things, or things that create for themselves new criminal and civil liability, at the pain of fines.
Under the proposed legislation, if the Attorney General or State’s Attorney issues an order, a court would be authorized to compel a blockchain network to execute a smart contract or process any necessary blockchain transactions related to digital property.
If someone adds a transaction from Illinois to a blockchain, anyone who helps operate the blockchain (like a node operator, miner, or validator) may be required to follow a court order or can be charged in relation to that transaction.
These blockchain operators will also be subjected to fines of $5000 to $10,000 per day. In conclusion, the Senate bill also states that if one is a minor, node operator, or validator, one can be fined if they don’t seize third-party assets.