A lawmaker in Florida has introduced a bill on December 9 that, if passed, would create a legal foundation for blockchain data and smart contracts in the U.S. state.
House Bill 1357 presented multiple stipulations that blockchain and smart contracts be treated as legally-binding methods of data storage — provided that such measures do not break any pre-existing laws or regulations.
The bill also states that a record or contract that is secured through blockchain technology is in an electronic form and is an electronic record and confirms that a signature recorded through a blockchain also qualifies as a valid electronic signature.
A contract may not be denied legal effect or enforceability solely because: an electronic record was used in the formation of the contract and the contract contains a smart contract term.
House Bill 1357
Last year, Arizona passed a similar measure, with identical notes on confirming blockchain records as electronic records, as well as giving smart contracts legal force. We have also reported that Senator Alison Clarkson (D) from Vermont has proposed legislation that outlines a use case for government-based cryptocurrency solutions.