California Assemblyman Ian Calderon introduced Bill 2658, which legally legitimizes blockchain transactions, smart contracts, and digital signatures.
California Blockchain: Assemblyman Calderon Is Hot On Blockchain
Hailing from the 57th district, Calderon is clearing a blockchain startup path through California’s statutes. Specifically, his proposal ensures that electronic contracts and documents cannot be declared null and void on account of format.
From the bill:
A signature that is secured through blockchain technology is an ‘electronic signature’ and also updates the term ‘contract’ to account for smart contracts, or self-executing pieces of code that trigger when certain conditions (like a reaching a particular block number on a blockchain) are met.
California Blockchain Law Proposal: The Road To Ratification
The bill is nowhere close to law books, yet. First, legislators must vote. Then it needs the governor’s John Hancock to bounce into California Code. But, the measure will likely wend its way around Sacramento with little, if any, resistance.
Blockchain Law: Beyond California
Blockchain is the next big thing. As such, legislators from the Redwood Forest to the New York Island have been considering their states’ regulations as they relate to the emerging technology. Some, like New York and Washington, erred on the side of consumer caution and implemented licensing regulations. Others, like New Hampshire and Arizona are updating regulations to ensure smooth sailing for fintech initiatives. Illinois is exploring ways to leverage blockchain technology to streamline government administration. Wyoming, for its part, went so far as to establish a Blockchain coalition to educate the public about the technology’s potential.
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