Blockchain Records and Transactions Act of 2018

Bill: 115-hr-7002
Sponsor: full_name: Rep. Schweikert, David [R-AZ-6]
Introduced: 2018-09-28
Policy area: Finance and Financial Sector
Subjects: Business records

Computers and information technology
Latest action: action_date: 2018-09-28
text: Referred to the House Committee on Energy and Commerce.

Summaries:
action_date: 2018-09-28
action_desc: Introduced in House
text: <p><b>Blockchain Records and Transactions Act of 2018 </b></p> <p>This bill specifies how&nbsp;provisions related to the preemption of federal laws regarding electronic signatures apply to electronic signatures created or stored by blockchain technology.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 7002 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.

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 ) 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. .