What would be the consequences for Liquid of a soft fork that makes transactions using OP_RETURN invalid?

What would happen to Liquid if a soft fork that makes transactions using OP_RETURN after block 900000 invalid. Assume the soft fork is going to gain the support of the majority of the miners. What would be the consequences for the users who have not pegged out of Liquid before the block 900000? Would Liquid have an option of continuing their operations with storing their data in the UTXO set?



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