US lawmakers submit bill to promote the legalization of blockchain and smart contracts

According to public records in Arizona, a state lawmaker attempted to amend the law to add instructions for blockchain signatures and smart contracts.

The latest HB 2417 was filed on February 6. The bill stipulates the legality of signatures in the blockchain. In addition, the bill also mentions that any "record or contract" stored in the blockchain will be "deemed to be content or electronic records stored in electronic form." The bill was proposed by Arizona Congressman Jeff Weninger.

Notably, the bill explicitly explains the use of smart contracts, or blockchain-based agreements that can execute automatically.

The bill states:

Smart contracts can be used in the business field. No one should deny the legal effect, validity and enforceability of any contract related to a transaction, even if it exists in the form of a smart contract.

In addition, the bill further stipulates the ownership of information in the blockchain.

Regardless of any other legal provisions, any individual engaged in or involved in interstate or cross-border commercial activities who uses blockchain technology to preserve his or her personal information or information to which he or she has control has ownership and use rights to the above information.

To some extent, the bill coincides with Vermont's idea. In May last year, Vermont proposed a new bill. Once the bill comes into effect, objects authenticated by blockchain technology can become "evidence in court" (a fact or record) in the legal sense. The legislatures of both states are trying to provide legal support for blockchain information by amending state bills.

What’s more noteworthy is that HB 2417, filed by Weninger, is the second blockchain-related bill to be introduced in the state’s legislature this year.

In mid-January, another Arizona congressman, Paul Boyer, filed a bill proposing a ban on the use of blockchain to track gun activity.