Market News: A New Bill Suggests Tennessee Legally Recognize Blockchain Data
A congressman in Tennessee has filed a new bill that acknowledges blockchain signatures as legal electronic records, marking the newest lawmaking attempt to do so in recent weeks.
The bill, presented to the Tennessee House of Representatives by state congressman Jason Powell on Jan. 10, repeats related pieces of legislation filed in Florida and Nebraska.
The bill states:
“A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature. A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.”
Similar to the other pieces of legislation, the bill explains that smart contracts or self-executing agreements that trigger when specific conditions are met would also gain legal bearing within Tennessee.
“No contract relating to a transaction shall be denied legal effect, validity, or enforceability solely because that contract contains a smart contract term,” the text states.
