Congressional Blockchain Caucus, a group of lobbyists, has submitted a bill to the US Congress that will grant legal status to blockchain-protected records and smart contracts.
The Congressional Blockchain Caucus, a bipartisan lobbying group for cryptocurrency and blockchain advocates in the US Congress, is not giving up on giving legal status to smart contracts and blockchain data. David Schweikert, a member of the U.S. house of representatives, and Darren Soto introduced the legislation
about records and transactions in the blockchain.
The bill prohibits individuals from denying the legal validity of an electronic record “if it is created, stored, or protected using a blockchain.” In addition, the bill will consolidate the concepts of blockchain and smart contracts in the Law
The United States electronic signatures in international and national commercial traffic act of 2000 is a cornerstone Federal law protecting the validity of electronic signatures.
According to the authors of the bill, their proposal will legalize blockchain records as a legal tool for interstate and foreign trade. Some States have already implemented similar provisions. For example, back in 2017
, signatures and contracts in the blockchain were recognized as legitimate in Arizona. In January of this year, the state of Illinois also legalized data
storage in the blockchain,
In addition, in the spring of last year, it was reported that the state of Connecticut may legalize smart contracts, and in August 2018, this decision was made by lawmakers in Ohio. Similarly, companies can use blockchain for administrative purposes in Delaware and Wyoming. At the same time, in the States of Florida and Nebraska, consideration of proposed bills on this topic was postponed indefinitely.