A blockchain bill that recognizes use of blockchain and smart contracts as legal is being introduced and pushed by the lawmaker and the millennial leader of California, Ian Calderon. Similar bills have been passed in other states of US viz. Florida, Wyoming and Arizona etc.
California’s lawmaker pushes bill to recognize blockchain data
A blockchain bill has been introduced by a California lawmaker, Ian Calderon that if gets passed, the electronic records laws of the state would also account for smart contracts and blockchain signatures.
The Assembly Bill 2658 basically covers the blockchain records and signatures in the definition of the electronic records and signatures given in Uniform Electronic Transactions Act.
California is becoming a blockchain-friendly place just like other states such as Florida, Wyoming, Arizona etc. However, by passing this bill, California with its 39 million population could set an example for others.
It has been specified in the existing law “specifies that a record or signature may not be denied legal effect or enforceability solely because it is in electronic form and that a contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation.” It means, if the bill advances, signature on blockchain would be enforceable legally.
This use of blockchain bill would be one of its kind in the US on a state level.
Florida, Arizona, and Wyoming too on the path of blockchain adoption
The Wyoming state of US has also passed a blockchain bill that allows certain blockchain tokens to circumvent the regulations but only if they meet the key requirements. House Bill HB 0070 unanimously passed the Wyoming House of Representatives.
Last month, Florida introduced a similar legislation in the House of state. The lawmakers of Arizona also passed a bill that gave the smart contracts and blockchain a legal status.
However, California government’s blockchain bill is certainly notable as the state is the largest economy in the US with its GDP similar to that of France.
World’s big economies favors blockchain adoption
Blockchain is gaining the attention and positive responses from all over the globe. The US states are on their way to pass the bills on blockchain and smart contracts. Among this, India’s Prime Minister Narendra Modi has also recognized the power of blockchain and tweeted about it:
“Disruptive technologies such as Block-chain and the Internet of Things will have a profound impact in the way we live and work. They will require rapid adaptation on our workplaces.”
Blockchain Adoption is getting a lot of buzz from big economies and part of us bitcoin regulation but it is not extending towards where it all started i.e. bitcoin. Why do you think is it so?
What do you think of blockchain adoption and legalization by US states? Let us know your thoughts in our comment section below!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.