August 20, 2017

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Nevada Passes Pro-Blockchain Law

Nevada has passed a pro-blockchain law that recognizes blockchain technology as a type of electronic record for the purposes of the Uniform Electronic Transactions Act and prohibits taxation and regulations regarding the use and implementation of blockchain technology.

The law defines “Blockchain” as an electronic record created by the use of a decentralized method by multiple parties to verify and store a digital record of transactions which is secured by the use of a cryptographic hash of previous transaction information.

It prohibits local governments (board of county commissioners or city council or other governing body of an incorporated city)  from imposing any tax or fee on the use of a blockchain by any person or entity;  requiring any person or entity to obtain any certificate, license or permit to use a blockchain; or  imposing any other requirement relating to the use of a  blockchain by any person or entity.

This law follows on the heels of blockchain laws passed by Arizona (giving legal recognition to smart contracts) and Vermont (declaring that blockchain-based digital records will be considered a business record under the Vermont Rules of Evidence)

Copyright © 2017, Sheppard Mullin Richter & Hampton LLP.

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Partner

Jim Gatto is a partner in the Intellectual Property Practice Group in the firm's Washington, D.C. office. He is also Co-Team Leader of the firm's Digital Media Industry and Social Media and Games Industry Teams, and Team Leader of the firm's Open Source Team.

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Mr. Gatto leverages his unique combination of nearly 30 years of IP experience, business insights and attention to technology trends to help companies develop IP and other legal strategies that are aligned with their business...

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