Digital signatures on the Blockchain could be enforced by law if a new proposed bill is passed into law. The bill is sponsored by Rep. David Schweikert, a republican congressman from Arizona.
Possible big win for smart contract advocates
The Arizona house rep table d the bill to the House Committee on Energy and Commerce which if passed will be big for smart contracts. Smart contracts automate transactions and other contractual obligations according to pre-specified rules. If the new bill is passed, they will become legally enforceable and not just a phenomenon among smart contract advocates.
Public records show that the contract was presented to the committee on Friday October 2, and a summary of the bill H.R. 8524, outlines the following;
“To amend the Electronic Signatures in Global and National Commerce Act to clarify the applicability of such Act to electronic records, electronic signatures, and smart contracts created, stored, or secured on or through a blockchain, to provide uniform national standards regarding the legal effect, validity, and enforceability of such records, signatures, and contracts, and for other purposes.”
Rep. David Schweikert (R) has some experience backing his bid to have the bill passed into law. His co-sponsor is Rep. Darren Soto, a Democrat from Florida. Rep Soto (D) has been the man behind a lot of pro-blockchain bills getting passed. Soto’s involvement has brought a lot of confidence that bill H.R. 8524 could on to become law in Arizona.
Schweikart’s other Blockchain related legislative moves
On September 24, the Arizona rep introduced the Digital Commodity Exchange Act of 2020. The bill sought to introduce a single, opt-in national regulatory frame work for digital commodity trading platforms. This bill was again co-sponsored by Rep. Darren Soto alongside Rep. Mike Conaway, a Republican from Texas; Rep. Tom Emmer, a Republican from Minnesota; Rep. Dusty Johnson, a Republican from South Dakota; and Rep. Austin Scott, a Republican from Georgia. Rep Schweikert is also a co-chair of The Blockchain Caucus alongside Rep Soto.
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