In 2022, the Uniform Commercia Code (“UCC”), a uniform law in the U.S. that governs commercial transactions, was comprehensively amended by its sponsoring organizations, the American Law Institute and the Uniform Law Commission. The amended UCC adapts to emerging technologies in commercial transactions, in particular relating to digital assets.
The amendments are now subject to adoption by the individual states. Once adopted, new rules will apply to transactions involving digital assets such as cryptocurrencies and non-fungible tokens.
"2022 UCC Amendments Relating to Digital Assets" summarizes the UCC digital assets amendments. Shearman & Sterling is monitoring the status of state adoption and will be providing updates.
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