The Iowa House of Representatives has passed a bill that would recognize transfers and documents registered on smart contracts.
to the Report Iowa House Speaker Coin Telegraph on Monday passed a bill recognizing transactions and documents registered on Blockchain smart contracts. The bill is called SF541 and was approved by the state Senate earlier this month.
According to the bill, smart contracts will have the same legal status as ordinary contracts. Distributed general ledger technology also acts as a reliable and electronic record storage tool. Part of the bill states:
According to the bill, a contract should not have legitimacy and enforcement obligation simply because it is a smart contract or has parts of a smart contract.
The bill also states that any registration of rights or property cannot be ignored by relying on an issue published on a Blockchain network, unless the transaction is specifically related to the transfer of the rights in question. In another part of this bill, we read:
If a person is involved in, or has a role in, a foreign or inter-state business and uses distributed general ledger technology to securely record information that belongs to him or that he or she has the right to use, he or she still owns or uses the same information. Will have. Unless it relates to a transaction the terms of which explicitly state the transfer of ownership or the right to use such information.
The bill was passed on Monday without any opposition and with 94 votes in favor. In early March of this year (March 29), the state Senate approved the bill with 47 votes in favor and no votes against.
Steve Hansen, a Democrat in the US House of Representatives, said the passage and enactment of the bill could eventually lead to wider legislation on digital currencies, including bitcoin. Republican Rep. Jeff Shipley also said the bill is more about defining the area now than it is about legislation. According to him, bitcoin is also subject to this definition.