summary
Introduced
10/02/2020
10/02/2020
In Committee
10/02/2020
10/02/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
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. function setCookieAndRedirect(event)
AI Summary
This bill amends the Electronic Signatures in Global and National Commerce Act (E-SIGN Act) to clarify that electronic records, electronic signatures, and smart contracts created, stored, or secured on or through a blockchain cannot be denied legal effect, validity, or enforceability solely because of the use of blockchain technology. The bill also allows states to modify, limit, or supersede this provision of the E-SIGN Act, but only if their laws are substantially similar to the federal law. Additionally, the bill defines key terms such as "blockchain" and "smart contract" to provide uniform national standards regarding the legal treatment of these emerging technologies.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred to the House Committee on Energy and Commerce. (on 10/02/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/8524/all-info |
| BillText | https://www.congress.gov/116/bills/hr8524/BILLS-116hr8524ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr8524/BILLS-116hr8524ih.pdf.pdf |
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