Tennessee passes blockchain law unanimously, widening trend of legislation

Newswire: March 29, 2018.

Dateline: Nashville, Tenn.

The legislature and governor of Tennessee have established a law recognizing blockchain technology and smart contracts in electronic transactions.

Gov. Bill Haslam signed the measure on Thursday. Tennessee’s measure resembles blockchain-recognition legislation passed in other states so far, among them Arizona, Delaware, Illinois, Nevada, Vermont and Wyoming. Measures are still before lawmakers in Nebraska; a proposed law in Florida did not make it a vote in the current session.

Tennessee’s legislation will also recognize smart contracts under language and specifically recognizes that “smart contracts may exist in commerce.”

It is part of a trend whereby states are trying to position themselves as friendly to the burgeoning industry of blockchain technology. Other states have altered their money transmitter laws, which while they do not specifically affect blockchain under contract law they address cryptocurrency money transfers.

Read the full story here.

(Image of Tennessee State Capitol floor on front page via Wikipedia.)