Sec. 2. Amendments to Electronic Signatures in Global and National Commerce Act
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Section 101(a) of the Electronic Signatures in Global and National Commerce Act ( 15 U.S.C. 7001(a) ) is amended— in paragraph (1), by striking ; and and inserting a semicolon; in paragraph (2), by striking the period at the end and inserting ; and ; and by adding at the end the following: an electronic record, electronic signature, or smart contract may not be denied legal effect, validity, or enforceability solely because it is created, stored, or secured on or through a blockchain. .
Section 102 of the Electronic Signatures in Global and National Commerce Act ( 15 U.S.C. 7002 ) is amended— in subsection (a)— in the heading, by striking and inserting In general ; and Electronic records and electronic signatures generally in the matter preceding paragraph (1), by inserting , except for paragraph
(3)of section 101(a), after the provisions of section 101 ; by redesignating subsections
(b)and
(c)as subsections
(c)and (d), respectively; and by inserting after subsection
(a)the following: A State statute, regulation, or other rule of law may modify, limit, or supersede paragraph
(3)of section 101(a) with respect to State law only if such statute, regulation, or rule of law is substantially similar to such paragraph. . Section 106 of the Electronic Signatures in Global and National Commerce Act ( 15 U.S.C. 7006 ) is 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. .
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Sec. 2
Amendments to Electronic Signatures in Global and National Commerce Act
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