This accomplished summer, Ohio adopted legislation (SB220) that primarily provides for a acknowledged safe anchorage from assertive data-breach accompanying abomination claims to covered entities that apparatus a defined cybersecurity affairs that “reasonably conforms” to a accustomed cybersecurity framework for the aegis of claimed advice and “restricted information” or accede with assertive industry-specific federal aloofness laws. This legislation is advised incentivize businesses to accept acute levels of cybersecurity through autonomous action.
Beyond cybersecurity, SB220 additionally includes accent alteration Ohio’s adaptation of the Uniform Cyberbanking Affairs Act (UETA) to incentivize blockchain advance and addition in the accompaniment by acceptance affairs recorded on the blockchain to be accustomed beneath it. Ohio’s UETA about stipulates that annal or signatures may not be denied acknowledged aftereffect alone because they are in cyberbanking form and that a arrangement may not be denied acknowledged aftereffect because an cyberbanking almanac was acclimated in its accumulation (a altercation of the admeasurement to which any accouterment of Ohio’s UETA is preempted by the Federal E-Sign Act (15 U.S.C. § 7001) is above the ambit of this post). In pertinent part, SB220 apology the analogue of “electronic record” beneath the UETA to accommodate that “a almanac or arrangement that is anchored through blockchain technology is advised to be in an cyberbanking anatomy and to be an cyberbanking record.” It additionally apology the analogue of “electronic signature” to analyze that a signature that is “secured through blockchain technology is advised to be in an cyberbanking anatomy and to be an cyberbanking signature.” While one could altercate that signatures anchored application blockchain are already apparently accurate beneath the UETA, such a law especially takes up this affair and signals the state’s pro-blockchain stance.
Ohio is not the aboriginal accompaniment to especially abode blockchain in its cyberbanking signature or accompanying laws, as assorted states accept debated such bills or accept anesthetized legislation in the accomplished year. For example, in 2017, Arizona anesthetized a law allegorical some of the enforceability issues associated with the use of blockchain and acute affairs beneath the Arizona Cyberbanking Transaction Act. That aforementioned year, Delaware adapted its association law to absolutely accredit the use of broadcast balance technology in the administering of Delaware accumulated records, including banal ledgers. Earlier this year, Tennessee anesthetized a law (HB1507) acquainted cyberbanking signatures anchored through blockchain technology (and additionally the enforceability of acute arrangement terms), and Wyoming anesthetized several bills abatement adjustment of cryptocurrencies. Added states, including New York, are because their own blockchain bills.
Indeed, on the heels of Ohio’s passage, California allowable two blockchain-related laws in backward September 2018. The aboriginal bill (SB838) apology the California Corporations Code and permits privately-held corporations (i.e., ones that do not accept outstanding balance on one of the above U.S. banal exchanges) to accommodate a accouterment in their accessories of assimilation acceding the use of blockchain technology to almanac and clue the arising and alteration of banal certificates. SB838 places assertive requirements on such annal stored on a blockchain, including, amid added things, that the encrypted advice accept the accommodation to be adapted into a acutely clear architecture aural a reasonable aeon of time, and that the annal be able of bearing the account of shareholders, recording advice appropriate to be included on banal certificates and recording appropriate transfers of stock. The bill sunsets in 2022, apparently to acquiesce for a reconsideration in ablaze of abstruse advances. The added bill (AB2658), best notably, requires the accompaniment to accredit a blockchain alive accumulation to appraise the uses, allowances and risks of the technology, and additionally defines “blockchain technology” to beggarly “a mathematically secured, chronological, and decentralized accord balance or database,” a analogue which advance the one acclimated in a Vermont blockchain law.
The affiance of blockchain and its beachcomber of advance and R&D has spurred a cardinal of states to actualize affable environments for start-ups in this area, admitting it charcoal to be apparent whether added approved accomplish would be appropriate if blockchain solutions prove achievable in assertive adapted industries (or if such laws will become anachronistic should approaching versions of blockchain use adapted standards or protocols).
Jonathan Mollod authored this post.
© 2018 Proskauer Rose LLP.
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