Arizona Governor Doug Ducey has signed the bill HB 2417 into law on 29th March, thereby recognizing blockchain signatures and smart contracts under state law, CoinDesk reported.
Earlier in February, the lower chamber of Arizona’s legislature advanced the bill by a unanimous vote. Senators cleared the bill last month by a 28-1 vote on March 23.
Introduced by state representative Jeff Weninger, the bill states:
“A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature.
“A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.”
Importantly, the measure also includes a clause on smart contracts – self-executing contracts that run on a blockchain, saying:
“Smart contracts may exist in commerce. A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term.”
