ESRA and the Chamber of Digital Commerce respond to emerging State “Smart Contracts” legislation
April 4, 2018: ESRA and the Chamber of Digital Commerce today issued a joint statement in response to State “Smart Contracts” legislation. Legislation seeking to define blockchain technology or smart contracts or to ensure smart contracts are legally enforceable, while well-intentioned, is harmful for the following reasons.
Because existing laws – notably the Uniform Electronic Transactions Act (UETA) and the Federal Electronic Signatures in Global and National Commerce (ESIGN) – already provide a sufficient legal foundation for the enforcement of these types of agreements, we believe additional state legislation will only serve to create inconsistent and redundant state laws, hindering innovation, and are opposed to such efforts.
Read the entire joint statement here for further explanation.