Republican Congressman David Schweikert has introduced to the Committee on Energy and Commerce a bill proposing to recognize blockchain-powered digital signatures as enforceable by law.
If thenew bill is approved the adage “code is law” turns into a statutory reality. This bill is positive ptep towards the enforceability of smart contracts. A summary of the bill, H.R. 8524, outlines its aims as follows:
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.
The bill on digital signatures is in line with legislative changes in other countries. For instance, since 2018, the U.K. has been reviewing its legal and normative framework to clarify the interaction of smart contracts with British courts.