Counsel Tatyana Ruderman was interviewed for an article published on January 9, 2020 in CoinDesk, a cryptocurrency publication, on Illinois’ Blockchain Technology Act, which became effective on January 1, 2020: Illinois Legalizes Blockchain Contracts.

The new blockchain law legitimizes blockchain-based contracts, deeming that a “smart contract, record or signature may not be denied legal effect or enforceability solely because a blockchain was used to create, store or verify the smart contract, record or signature” and making them admissible as evidence in court. However the statute includes somewhat vague limitations. “The law is likely to be tested in courts by parties who later want to try and invalidate a blockchain transaction” and it “may be an area where it makes sense for industry to come together and agree on some standards to fill the gaps,” Tatyana Ruderman told CoinDesk.