Iowa adopted a bill on the recognition of the legal force of smart contracts-Bits Media

The House of Representatives of the Ayovs approved the bill, according to which registration of rights or possession, made using smart contracts, will have legal force.

The new bill provides, that smart contracts should have the same legal status, that ordinary contracts. In this case, the distributed registry technology (DLT) It is considered as a reliable electronic data storage. The bill indicates, that the contract cannot be deprived of legal or personal force only for the reason, that it is a smart contract or has the characteristics of a smart contract.

Any registration of rights or ownership using a smart contract can be considered valid, Even if these data are in the blockchain in the public domain. Faces, using DLT to protect information, retain the same ownership of this information or the right to use it, as if they had not applied the distributed registry technology. However, this does not apply to those transactions, whose conditions provide for the transfer of property rights or rights to use such information.

For the adoption of the bill voted 94 Member of the House of Representatives, However, no one spoke out against. At the beginning of the month, the bill received approval 47 members of the Senate, Also with the lack of votes "against". Representative of the Democratic Party Steve Hansen (Steve Hansen) suggested, that the implementation of this bill will lay the basis for a wider regulation of the blockchain industry and cryptocurrencies. However, the Republican representative of Jeff Skeak (Jeff Shipley) considers, that the current version of the bill focuses on clarifying the terms DLT and smart contracts, than to regulation.

Recall, that recently US lawmakers have proposed creating a working group to assess the current regulatory framework for cryptocurrencies, and also to make recommendations for its change. The group will include representatives of the US Securities and Exchange Commission (SEC) and commissions for commercial futures (CFTC).