A New York City Bar Association task force is proposing amendments to New York state’s Uniform Commercial Code, saying changes are needed in order for it to “effectively govern” digital-asset transactions, such as those involving cryptocurrencies, crypto-tokens, electronic money, electronic promissory notes and bills of exchange.
Drafted by the task force as a “modified” version of the broader UCC’s emerging technologies amendments, the task force’s proposed changes are ”designed to modernize, rationalize and clarify New York’s UCC,” according to a newly released 21-page report by the task force on the amendments and the reasons it says they should be enacted. The changes also seek to preserve and, hopefully, expand New York’s status “as a commercial, financial and legal capital,” the report says.
