Schweikert, Soto Introduce Blockchain Records and Transactions Act
WASHINGTON, DC - Today, Congressmen David Schweikert (AZ-06) and Darren Soto (FL-09) introduced H.R. 8524, the Blockchain Records and Transaction Act, legislation to expand the utilization and definition of blockchain technology, and ensure all blockchain-secured records and smart contracts can be verified as legal e-signatures.
"I am pleased to re-introduce this critical legislation to ensure our laws are working to support emerging technologies like blockchain,” said Rep. Schweikert. “Too many of our laws are continuing to prohibit innovation and advancements for efficiency in our society. This legislation is a part of the Congressional Blockchain Caucuses’ continued work to future-proof our policy, and I appreciate the support from my colleague and Co-Chair Rep. Soto for working with us to advance this bipartisan legislation."
"Innovation is embedded into our nation’s DNA,” said Rep. Soto. “With the growth of blockchain technology, it’s up to Congress to provide a legal framework to support its technological advances. As a lawyer and notary, I understand the importance of validated signatures for legal documentation as an essential starting point in building a blockchain-enabled infrastructure. Together, with Congressman Schweikert, we can help promote greater understanding and demonstrate the certainty needed to power blockchain records, contracts and transactions.”
The Blockchain Records and Transactions Act would:
- Amend the definition of “electronic records” to include blockchains and records maintained on blockchains;.
- Amend the definition of “electronic agent” to include smart contracts;
- Define blockchain and smart contracts; and
- Ensure states cannot avoid giving legal recognition to blockchain records through reverse pre-emption.
To read the full text of this legislation, click HERE.