Title: Blockchain Records and Transactions Act of 2018
Policy area: Finance and Financial Sector

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.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7002 Introduced in House (IH)]

<DOC>






115th CONGRESS
  2d Session
                                H. R. 7002

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 28, 2018

Mr. Schweikert introduced the following bill; which was referred to the 
                    Committee on Energy and Commerce

_______________________________________________________________________

                                 A BILL


 
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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Blockchain Records and Transactions 
Act of 2018''.

SEC. 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) is amended--
            (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) is amended by inserting ``, including a 
        blockchain'' before the period at the end.
            (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' means software 
        that uses a distributed digital ledger of cryptographically 
        signed transactions that are grouped into blocks, each of 
        which--
                    ``(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' means a 
        computer program that reflects an agreement, in whole or in 
        part, between two or more parties to execute transactions 
        automatically based on the occurrence of agreed-upon events.''.
                                 <all>