WASHINGTON—A joint committee of the American Law Institute (ALI) and the U.S. Uniform Law Commission (ULC) has finalized amendments to the Uniform Commercial Code (UCC), regulating the specifics of digital asset transactions and crypto-as-collateral secured financings.
The amendments are “recommended for enactment in all the states,” although each case of final implementation may vary depending on the state,” Cointelegraph said.
A final draft of the ULC-ALI Emerging Technologies Committee’s amendments to the UCC was approved during a recent meeting.
According to the report, the key updates for the crypto industry appeared in Articles 3 and 9, and the new Article 12 contains a set of relevant details as well, Cointelegraph explained.
New Concept Introduced
The amendments introduce a concept of “controllable electronic records,” which would cover not only the existing blockchain-backed asset but all future kinds of digital assets as well. Being defined as a “record stored in an electronic medium,” the controllable electronic records incorporate cryptocurrencies and nonfungible tokens (NFTs), but are separated from the category of “electronic money,” Cointelegraph said.
“Electronic money” is included in the revised category of “money” and signifies fiat digital currencies. Thus, central bank digital currencies (CBDCs) could be considered “electronic money” under the new guidelines, while cryptocurrencies could not, Cointelegraph reported.
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