California Bill Would Provide Blockchain Data Legal Status

A lawmaker from California has introduced a bill that, if passed, would update the state's electronic records laws to account for blockchain signatures and smart contracts
21 February 2018   886

Assembly Bill 2658 was submitted by Assemblymember Ian Calderon last week. The bill expands the definition of electronic records and signatures. The bill, if passed, would include records and signatures on the blockchain

A record that is secured through blockchain technology is an electronic record.

According to the existing law, a record or signature may not be denied legal effect or enforceability solely because it is in electronic form. A contract may not be denied legal effect because an electronic record was used in its formation.

The bill, if passed, would make a signature on a blockchain legally enforceable.

According to the bill, it addresses data storage on the blockchain and proposes that individuals who choose to use a blockchain to secure personal information should retain the rights of ownership to their information.

California is not the first to introduce such kind of legislation. Last month representatives in Florida introduced similar legislation. Last year lawmakers in Arizona passed a bill that provided blockchain data and smart contracts with legal status.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   90

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.