Leaders of the Congressional Blockchain Caucus have reintroduced a bill that would give legal status to blockchain-secured records and smart contracts.
- Rep. David Schweikert (R-Ariz.) and Rep. Darren Soto (D-Fla.) submitted the Blockchain Records and Transaction Act of 2020 on the House floor Wednesday, a measure similar to one introduced in 2018 but which never came up for a vote.
- The current bill would prohibit individuals from denying an electronic record legal effect "solely because it is created, stored or secured on or through a blockchain."
- Further, the bill would enshrine blockchain and smart contracts in the Electronic Signatures in Global and National Commerce Act of 2000, the cornerstone federal law protecting electronics signatures more broadly.
- The authors said in a statement this would legitimize blockchain records as a legal instrument in interstate and foreign commerce.
- Several states have already implemented similar provisions, most recently Illinois.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.