On 6 October 2020, Congressmen David Schweikert from Arizona and Darren Soto from Florida introduced a bill for the Blockchain Records and Transaction Act. The Act seeks to amend existing legislation to clarify blockchain’s applicability to electronic records, signatures, or smart contracts. This is an attempt to create national standards on the legality, validity and enforceability of such records.
The bill contains only a few changes. The first is new text that emphasizes electronic records, signatures or smart contracts cannot be denied legal effect, validity or enforceability, merely because it uses blockchain technology.
The original legislation created in 2000, the Electronic Signatures in Global and National Commerce Act, states that contracts for foreign or interstate commerce transactions are not to be denied legal effect because it is electronic or uses electronic signatures.
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