David Schweikert Refers A New Bill, Would Recognize Digital Signatures On Blockchain
David Schweikert Refers A New Bill, Would Recognize Digital Signatures On Blockchain
October 6, 2020
David Schweikert Refers A New Bill, Would Recognize Digital Signatures On Blockchain
David Schweikert Refers A New Bill, Would Recognize Digital Signatures On Blockchain
October 6, 2020

Rep. David Schweikert, a Republican congressperson from Arizona, has referred a new bill to the House Committee on Energy and Commerce that, if passed, would recognize digital signatures on the blockchain as enforceable by law.

It has been reported that this is particularly important for the enforceability of smart contracts, which automate transactions or other contractual obligations according to binding, pre-specified rules.

However, smart-contract advocates have long used the adage “Code is law,” and the new bill, if approved, could make this a statutory reality.

According to public records, the bill was referred to the committee on Friday.

A summary of the bill, H.R. 8524, outlines its aims as follows:

“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.”

Likewise, Schweikert’s co-sponsor on the bill is Rep. Darren Soto, a Democrat from Florida, who has a long track record of developing and helping to pass blockchain-related legislation. This includes, most recently, updating the Consumer Safety Technology Act to include the Digital Taxonomy Act and the Blockchain Innovation Act.

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According to the report, on September 24, Schweikert introduced the Digital Commodity Exchange Act of 2020. The legislation would create a single, opt-in national regulatory framework for digital commodity trading platforms under the jurisdiction of the Commodity Futures Trading Commission.

Again, Soto is a co-sponsor, alongside Rep. Mike Conaway, a Republican from Texas;  Rep. Tom Emmer, a Republican from Minnesota; Rep. Dusty Johnson, a Republican from South Dakota; and Rep. Austin Scott, a Republican from Georgia.

Thus, the congress people are in tune with similar developments in other countries.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.