Blockchain Records and Transactions Act of 2018

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. 1. Short title This Act may be cited as the Blockchain Records and Transactions Act of 2018 2. Amendments to Electronic Signatures in Global and National Commerce Act (a) Exception to exemption from preemption for blockchain recognition Section 102 of the Electronic Signatures in Global and National Commerce Act ( 15 U.S.C. 7002 (1) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively; and (2) by inserting after subsection (a) the following: (b) Exception for blockchain recognition Subsection (a) shall not apply to a State statute, regulation, or other rule of law that modifies, limits, or supersedes the provisions of section 101, unless such statute, regulation, or rule of law gives electronic records, electronic signatures, and smart contracts created, stored, or secured on or through a blockchain legal effect, validity, and enforceability, whether express or implied, that is equivalent to the legal effect, validity, and enforceability granted by this title and title II. . (b) Definitions (1) Electronic Paragraph (2) of section 106 of the Electronic Signatures in Global and National Commerce Act ( 15 U.S.C. 7006 , including a blockchain (2) Electronic agent Paragraph (3) of such section is amended by adding at the end the following: Such term includes a smart contract. (3) Electronic record Paragraph (4) of such section is amended by adding at the end the following: Such term includes a blockchain and a smart contract or other record created, stored, or secured on or through a blockchain. (4) Electronic signature Paragraph (5) of such section is amended by adding at the end the following: Such term includes a signature created, stored, or secured on or through a blockchain. (5) Blockchain; smart contract Such section is further amended— (A) by redesignating paragraphs (12) and (13) as paragraphs (14) and (15), respectively; (B) by redesignating paragraphs (1) through (11) as paragraphs (2) through (12), respectively; (C) by inserting before paragraph (2) (as so redesignated) the following: (1) Blockchain The term blockchain (A) is cryptographically linked to the previous block after validation and undergoing a consensus decision; and (B) when added as a new block, makes any older blocks more difficult to modify and is replicated across all copies of the ledger within the relevant network, with any conflicts in such blocks resolved automatically using established rules. ; and (D) by inserting after paragraph (12) (as so redesignated) the following: (13) Smart contract The term smart contract .

Summary: Blockchain Records and Transactions Act of 2018 This bill specifies how provisions related to the preemption of federal laws regarding electronic signatures apply to electronic signatures created or stored by blockchain technology.