Arizona’s legislature has passed a bill that seeks to recognize blockchain signatures and smart contracts under state law, CoinDesk reported.
Last month, the lower chamber of Arizona’s legislature advanced the bill HB 2417 in a unanimous vote. Introduced by state representative Jeff Weninger, the bill has been sent to the governor's desk for final approval.
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.”
Importantly, the measure also includes a clause on smart contracts – self-executing contracts that run on a blockchain, saying:
“Smart contracts may exist in commerce. A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term.”
According to CoinDesk, the bill was sent to Gov. Doug Ducey's office on March 27 after the Senate cleared it by a 28-1 vote on March 23.
