Republican Congressman David Schwickert (R-AZ) has submitted the new bill to the House Energy and Commerce Committee, which, if approved, recognizes that digital signatures on blockchain are enforceable by law.

This is especially important to enforce smart contracts that automate transactions or other contractual obligations in accordance with predefined binding rules. Wise proponents have long used the old adage “code is law,” and a new law, if passed, could make it a legal fact.

According to public records, the bill was submitted to the committee on October 2. A summary of Bill 8524 defines the objectives as follows:

Amend the law on electronic signatures in global and national commerce to clarify the applicability of this law to electronic records, electronic signatures and smart contracts created, stored or secured on or through the blockchain to ensure uniform national standards with respect to legal force , validity and enforceability of these records, signatures, contracts and other purposes.
Congressman Schweickart is co-sponsoring the bill by Congressman Darren Soto (D-FL), who has extensive experience in developing and promoting the continuation of blockchain-related legislation.

This includes the recent update of the Consumer Safety Technology Law, which includes the Digital Classification Law and the Blockchain Innovation Law.

On September 24, Congressman Schweickart introduced the Digital Commodity Exchange Act 2020. The law will create a national regulatory framework that can be adopted for digital trading platforms under the jurisdiction of the CFTC. Once again, Congressman Soto is one of the sponsors, along with Mike Conway (R-Texas), Tom Emmer (R-MN), Dusty Johnson (R-SD) and Austin Scott (R-GA).

The Blockchain consortium, co-chaired by Schweikart and Soto, was founded in 2018. He faces a tough battle to propose legislation that can deftly handle the complex and overlapping jurisdictions of various federal regulatory agencies in the United States. New economic technologies.

With the recently proposed digital signature bill, members of Congress are following similar trends in other countries; The UK has revised its legal framework to clarify how smart contracts interact with UK courts from 2018.

Source: CoinTelegraph