Tag Archives: smart contracts

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.

Click here to read more about Blockchain regulation worldwide.

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