The US state of Illinois proposed a bill to allow the mandatory change of blockchain records, which was ridiculed by the encryption community

On February 20, the United States Senate of Illinois recently proposed a Digital Property Protection and Enforcement Act, which was ridiculed by the encryption community because of its “infeasible” plan. The bill forced blockchain miners and verifiers to do “impossible things” – such as canceling transactions under the order of the state court. The bill stipulates that any blockchain miner and verifier who fails to comply with the court order may be fined $5000 to $10000 per day.

Interpretation of this information:

The proposed Digital Property Protection and Enforcement Act by the United States Senate of Illinois has generated a lot of ridicule from the encryption community. This is due to its seemingly “infeasible” plan to force blockchain miners and verifiers to undertake complex tasks such as canceling transactions upon the order of state court. Failure to comply with the court order would result in fines ranging from $5000 to $10000 per day per blockchain miner and verifier.

Many experts agree that the proposed legislation is not practicable because it would require blockchain miners and verifiers to engage in the time-consuming and computationally expensive task of examining all distributed ledgers on the blockchain to ascertain transactions that require cancelation. Additionally, it would require these entities to exercise extraordinary power over the decentralized blockchain network, a feature that goes against the very essence of blockchain technology.

Furthermore, the proposed legislation appears to overlook the fact that it is much easier to transfer digital assets via a decentralized blockchain network than to stop or turn back such transactions. The proposed legislation could potentially increase the risks of fraud since it may result in a shift of cryptocurrency trading to unregulated marketplaces.

Therefore, the Digital Property Protection and Enforcement Act represents a flawed legislative push that may lead to more harm than good. Rather than imposing impractical and potentially harmful regulations, policymakers should work collaboratively with the encryption community to develop solutions that promote innovation and protect digital assets.

In summary, the three keywords that summarize the content of the message are Digital Property Protection and Enforcement Act, Blockchain Miners, and court order. The proposed legislation received pushback on its plan to mandate blockchain miners and verifiers to cancel transactions under the direction of the state court, which many experts regard as impossible to implement. The bill further set forth heavy fines ranging from $5000 to $10000 per day for those who fail to comply with the court order.