A joint committee of the United States's Uniform Law Commission (ULC) and the American Law Institute (ALI) 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.
A final draft of the ULC-ALI Emerging Technologies Committee’s amendments to the UCC was approved during a meeting on July 8–13. The key updates for the crypto industry appeared in Articles 3 and 9, the new Article 12 contains a set of relevant details as well.
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...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...