A new bill becomes the butt of the crypto community’s jokes

Published Feb 20, 2023
By Qredo Team

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An Illinois Senate Bill that was quietly introduced on Feb. 9 has been ridiculed by the crypto community for being unworkable. The bill plans to force miners to execute tasks that are impossible, including the reversal of transactions, if ordered to by a state court. The bill garnered renewed interest and ridicule from the community when Florida-based lawyer Drew Hinkes tweeted about the bill yesterday (Feb. 19). The bill also states that blockchain miners and validators may be fined up to $10,000 for failure to comply.

Elsewhere in regulatory news, Binance’s chief strategy officer Patrick Hillman looks ahead as the exchange considers moving away from USD stablecoins in favour of other options. While the Securities and Exchange Commission (SEC) looks to crack down on dollar-based stablecoins, Binance has stated that it has received notable interest from potential partners that will enable them to move away from dollar stablecoins.

Meanwhile, Hong Kong’s Securities and Futures Commission (SFC) has called for public feedback on a licensing regime that’s set to come into effect in June this year. One aspect of the regime that is under public scrutiny is whether licensed exchanges should serve retail investors and consumer protection measures.

Galois Capital, a hedge fund that was also one of FTX’s casualties, has now thrown in the towel and decided to shut down. It’ll be returning 90% of its remaining assets to investors and holding onto the remaining 10% until discussions are finalized. Galois Capital lost at least $50 million to FTX when the now defunct exchange collapsed late last year.

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