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Proposed Uniform Law for Digital Assets

The Uniform Law Commission adopts new changes to the Uniform Commercial Code for digital assets

Proposed Uniform Law for Digital Assets
Vince Taormina

The Uniform Commercial Code (UCC) is a comprehensive set of standard laws which govern commercial transactions in the United States. Each state adopts its own version of the UCC in order to effectuate more efficiency in the transaction of business throughout the country. This gives businesses clarity and confidence knowing that commercial transactions between one jurisdiction and another will be relatively straightforward.

With the rise of digital currencies and assets, in July 2022 the Uniform Law Commission approved proposed amendments to the UCC addressing virtual currencies and other digital assets in the commercial transaction space. There are many different types of "assets" contemplated by the UCC, and there are differences between the assets with regard to how they operate in the commercial context.

While these new regulations are not necessarily important for The Taormina Firm's clients at this stage, it is noteworthy that regulators and legal scholars are taking seriously the difficulties that digital assets present. For the reader's purposes, just know that digital assets, particularly those which are used between businesses, may have new rules surrounding them if Missouri adopts the proposed changes to the UCC.

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