Sec. 2. Amendments to Electronic Signatures in Global and National Commerce Act
397 words·~2 min read·
/bill/115/hr/7002/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 102 of the Electronic Signatures in Global and National Commerce Act ( 15 U.S.C. 7002 ) is amended— by redesignating subsections
(b)and
(c)as subsections
(c)and (d), respectively; and by inserting after subsection
(a)the following: 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. . 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. Paragraph
(3)of such section is amended by adding at the end the following: Such term includes a smart contract. . 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. . 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. . Such section is further amended— by redesignating paragraphs
(12)and
(13)as paragraphs
(14)and (15), respectively; by redesignating paragraphs
(1)through
(11)as paragraphs
(2)through (12), respectively; by inserting before paragraph
(2)(as so redesignated) the following: The term blockchain means software that uses a distributed digital ledger of cryptographically signed transactions that are grouped into blocks, each of which— is cryptographically linked to the previous block after validation and undergoing a consensus decision; and 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 by inserting after paragraph
(12)(as so redesignated) the following: 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. .
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Sec. 2
Amendments to Electronic Signatures in Global and National Commerce Act
Cites 2Cited by 0 across 0 sources