Arizona's legislature has cleared a bill that would recognize blockchain signatures and smart contracts under state law, sending it to the governor's desk for final approval.
The measure, as previously reported by CoinDesk, would make data tied to a blockchain "considered to be in an electronic format and to be an electronic record" in Arizona. It also notably featured language specifically related to smart contracts, signifying an effort to capture new kinds of delivering information – in this case, via blockchain – under existing rules.
The bill's authors wrote:
"'Smart contract' means an event-driven program, with state, that runs on a distributed, decentralized, shared and replicated ledger and that can take custody over and instruct transfer of assets on that ledger."
Public records show that the bill was sent to sent to Gov. Doug Ducey's office on 27th March after clearing the Senate by a 28-1 vote on the 23rd. While it's not immediately clear if or when the governor will sign the bill, the broad support the bill saw in the legislature – members of the legislature's lower chamber approved it unanimously late last month – suggests the measure could ultimately get the greenlight.
The bill is akin to legislation passed and signed into law last year in Vermont. Lawmakers in the state proposed allowing data embedded on a blockchain to be used in a court of law.
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