Blockchain Bill Advances in Arizona Legislature

In News
Blockchain Bill

Lawmakers in the lower chamber of Arizona’s legislature have unanimously advanced a bill that enshrine blockchain signatures and smart contracts under state law.

HB 2417 was introduced earlier this month by by state representative Jeff Weninger. According to public records, two committees in the Arizona House of Representatives unanimously approved the bill, with both caucuses giving their support as well.

On 22nd February, the House voted 59-0 to pass the bill, with one representative not voting. Yesterday, the measure was formally submitted to the Arizona Senate.

The bill notably included language regarding smart contracts, or self-executing contracts built on a blockchain, stating:

“Smart contracts may exist in commerce. A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term.”

The Arizona bill’s success mirrors that of a blockchain study bill being advanced by two lawmakers in Hawaii. That proposal, which seeks to study how the tech can be used to benefit the state, unanimously passed the lower house Hawaii’s legislature earlier this week.

Elsewhere, however, legislation focused on the tech hasn’t been so successful.

In North Dakota, lawmakers put the brakes on a proposal to study bitcoin regulation after it had initially cleared the state legislature’s upper chamber. On 23rd February, public records show, the state’s Industry, Business and Labor Committee Committee recommended that the bill should not pass in its current form.

Image Credit: Nagel Photography / Shutterstock.com

via Coindesk.com


You may also read!

volatility

Volatility Must Not Hinder Stakeholders From Gaining Cryptocurrency As Asset Class

Investors are skeptical to have cryptocurrencies as a class asset because of volatility but they do not know what’s

Read More...
net neutrality

ISP CEO Calls for Net Neutrality, Privacy Legislation Law

AT&T CEO Randall Stephenson is reaching out to Congress for clarification regarding the situation of broadband access. The ISP executive

Read More...
state

What State Will DOJ Sue Next Regarding Net Neutrality?

Californians could have grasped that internet freedom in their hands until the Justice Department suppressed it. The Golden State

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu