A new Article 12 and amendments to Article 9 regarding “controllable electronic records” would govern transactions and security interests in digital assets.
By Lawrence Safran and Deric Behar

On July 13, 2022, the Uniform Law Commission (in partnership with the American Law Institute) approved amendments intended to modernize the Uniform Commercial Code (UCC). The amendments principally cover transactions involving emerging digital asset technologies such as virtual (non-fiat) currencies, non-fungible tokens (NFTs), and digital assets with embedded payment rights, although a