Iowa House approves bill to legally recognize blockchain smart contracts
The bill would give legal recognition to transfers and registrations made through blockchain smart contracts. On March 29, the Iowa House of Representatives passed a bill that seeks to legally recognize transactions and registrations made via blockchain smart contracts. The bill — SF541 — gained Senate approval earlier in the month. Under the auspices of the new bill, smart contracts would be given the same legal status as regular contracts, while distributed-ledger technology would be viewed as a reliable electronic store of record. Regarding smart contracts, the bill states:“The bill....
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If passed the bill would amend tax laws to recognize digital currencies as a form of property.
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An Arizona legislator wants to amend state law to account for blockchain signatures and smart contracts, public records show. HB 2417, introduced on 6th February, would make a signature enshrined on a blockchain a legal signature under Arizona law. Conversely, any "record or contract" secured by a blockchain would be "considered to be in an electronic format and to be an electronic record". The bill was put forward by state representative Jeff Weninger. Notably, the bill’s language also explicitly accounts for the use of smart contracts, or self-executing agreements....