State Smart Contract Legislation
February 27th, 11:00AM EST
Over the past few months, several states have introduced blockchain-related legislation seeking to define “smart contracts” and provide legal basis for their use of blockchain technology. While these bills are well-intentioned, and their sponsors are at the forefront of leadership in this space, the result could be a patchwork of inconsistent definitions from state-to-state, making it difficult and expensive for companies to use the technology.
Is a new, state-by-state legal framework necessary? Or could states rely on laws that already exist? Which approach would best encourage the growth of the blockchain ecosystem?