Iowa introduces new bill for blockchain and smart contracts


Ed Drake, CoinGeek

Feb 16, 2021


Iowa has introduced new legislation which recognizes in law use cases for blockchain and smart contracts, introducing a legal footing for the technology for the first time in the state.


Senate Bill 303 is described in the preamble as “an act relating to electronic transactions by permitting the use of distributed ledger technology and smart contracts” in the state of Iowa.


Presented earlier this week by Republican State Senator Mark Lofgren, the bill introduces parity of legal status for smart contracts as other forms of secure records, unless explicitly stated to the contrary.


The bill also expands the state’s definition of a “contract” to include smart contracts and other agreements secured by distributed ledger technology. As a result, the bill means no contract would be considered illegitimate by virtue of being a smart contract...


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