S.Amdt. 2255

As your legislative analyst, let us break down what Mr. Reed is trying to do with this amendment. The purpose of this amendment is to update the International Emergency Economic Powers Act regarding blockchain-enabled smart contracts and related technology.

Here is what the amendment aims to change or add to the bill:

• It allows the President to use existing sanctions authorities for blockchain-enabled smart contracts, or other similar technology, no matter if those contracts operate autonomously, can be modified, or are owned.
• It adds a definition for the term interest, stating it includes any interest of any nature whatsoever—direct or indirect, present, future, or contingent, and legal, equitable, or beneficial, or otherwise—without regard to whether the interest is legally cognizable.
• It adds definitions for the terms person and national, stating they include any individual, any entity, association, group, or other organization, and any body of persons joined by common purpose or interest.
• It adds a definition for the term property, stating it includes property of any nature whatsoever (real, personal, or mixed, tangible or intangible, even if abandoned or ownerless), services of any nature whatsoever, and contracts of any nature whatsoever.