Blockchain regulation: Arizona recognizes it under state law
Another move has been made in Arizona in order to make Blockchain regulation more effective.
In fact, a legislature has creared a bill that would recognize the distributed ledger signature and smart contracts under state law.
At the moment the bill has been sent to the governor’s desk for a final approval.
As previously reported, this bill would make data tied to a blockchain “considered to be in an electronic format and to be an electronic record” in the US State of Arizona.
Also, the bill quotes specifically the Ethereum smart contracts, so there is a specific effort with the main goal of capturing new kinds of delivering information – the distributed ledger– under existing laws.
The bill explains:
“‘Smart contract’ means an event-driven program, with state, that runs on a distributed, decentralized, shared and replicated ledger and that can take custody over and instruct transfer of assets on that ledger.”
This bill was sent to sent to Governator Doug Ducey’s office on March 27th, after clearing the Senate by a 28-1 vote on the 23rd.
Even if it’s not so clear if or when the governor will sign the bill, its support suggests that this measure will see the light soon.
A few members of the legislature’s lower chamber, in fact, approved this bill unanimously previously this year.
This Arizona bill is similar to a legislation passed and signed in Vermont last year. There, lawmakers proposed to allow data embedded on a blockchain to be used in a court of law.
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Nevada stops blockchain transactions taxes
A new bill has been proposed to the Nevada Senate and, if it pass, will stop local taxes and fees on the use of a blockchain ledger, both for payments and contracts.
Nevada Senate Bill 398 was filed yesterday and presented by Senator Ben Kieckhefer, who wants to create a legal level for the use of blockchain-based networks.
Notably, this bill will also stop local governments asking for taxes on the use of the distributed ledger or to require a special licensure in order to use it.
This new proposed bill explains:
“A local governmental entity shall not: Impose any tax or fee on the use of a blockchain or smart contract by any person or entity; Require any person or entity to obtain from the local governmental entity any certificate, license or permit to use a blockchain or smart contract; or Impose any other requirement relating to the use of a blockchain or smart contract by any person or entity.”
If this bill pass, its benefits won’t be applied only to these potential economic expenses.
Kieckhefer’s suggestion, in fact, will allow blockchain records to be used in proceedings, noting that “if a law requires a record to be in writing, submission of a blockchain which electronically contains the record satisfies the law”.
“A smart contract, record or signature may not be denied legal effect or enforceability solely because a blockchain was used to create, store or verify the smart contract, record or signature. In a proceeding, evidence of a smart contract, record or signature must not be excluded solely because a blockchain was used to create, store or verify the smart contract, record or signature,”the proposed bill states.
Last month a similar proposal was made in Arizona, or a further move to legitimize the use of blockchain distributed ledger; a previous effort was also proposed in Vermont back in 2016.
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