In August of last year, this column reviewed certain proposed revisions to the Uniform Commercial Code being considered by the Uniform Commercial Code and Emerging Technologies Committee, a joint collaborative effort sponsored by the Uniform Law Commission and American Law Institute. See Virtual Currencies (and Other Digital Assets) Under the UCC, 25 N.Y.L.J. 266 (Aug. 5, 2021).

As a quick recap, the Committee was created in 2019 to study whether changes were needed to modernize the UCC. It quickly turned into a drafting committee whose objective it was to propose UCC amendments to accommodate emerging technologies, including distributed ledger technology, and virtual currency and other digital assets. Those proposed revisions now include a new Article 12 (Controllable Electronic Records), which will provide for negotiable digital records, as well as conforming revisions to such other parts of the UCC as Articles 1 (General Provisions) and 9 (Secured Transactions). The Committee has set its sights on completing this project and gaining approval of its sponsors by July 2022.

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