Bringing the UCC into the digital age: Review of the 2022 UCC amendments and controllable electronic records
November 28, 2022
On July 13, 2022, the Uniform Law Commission approved the final draft of its joint proposal with the American Law Institute Emerging Technology Committee for amendments to the Uniform Commercial Code (UCC). These proposed UCC amendments aim at establishing ground rules for transferring property rights in certain digital assets — notably cryptocurrencies such as Bitcoin and Ether, stablecoins, and non-fungible tokens (NFTs) — and in particular setting up a regulatory framework to use such assets as collateral in secured transactions.