Senate Bill 300, introduced by Senator Matt Dolan, amends sections of the Uniform Electronic Transactions Act to include blockchain records and smart contracts as electronic records. Further, the bill allows for smart contracts to be legally enforceable as any other contract may be.
If passed, the bill would add language stating that blockchain technology can be used to store electronic information and provide ownership rights. It specifically states:
“Notwithstanding any other law, a person that, in or affecting interstate or foreign commerce, uses blockchain technology to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to that information as before the person secured the information using blockchain technology.”
The proposed bill went on to state: “This division does not apply to the use of blockchain technology to secure information in connection with a transaction to the extent that the terms of the transaction expressly provide for the transfer of rights of ownership or use with respect to that information.” […]