News & Analysis as of

Digital Assets Blockchain Uniform Commercial Code (UCC)

Miller Nash LLP

Article 12: Perfection of Security Interests in Controllable Electronic Records

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It is well established how to perfect a security interest on general intangibles under Article 9 of the Uniform Commercial Code: filing a financing statement. But is there a better way for a secured party who wants to stay in...more

Cadwalader, Wickersham & Taft LLP

Stablecoins Have a UCC Problem

Highlights: Stablecoins are likely to be characterized as general intangibles under the UCC of non-Article 12 states....more

Paul Hastings LLP

UCC Article 12: How States are Regulating Digital Asset Transactions

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It’s a new year, and state legislatures around the country are beginning new legislative sessions. We expect to see more of them enacting Article 12 of the Uniform Commercial Code (UCC), which is designed to facilitate...more

Tucker Arensberg, P.C.

Pennsylvania Joins the Digital Age and Enacts Article 12 of the Uniform Commercial Code

Tucker Arensberg, P.C. on

On July 1, 2024, the Commonwealth of Pennsylvania joined twenty-three other states in adopting Uniform Commercial Code Article 12 and the accompanying amendments to the Pennsylvania Uniform Commercial Code....more

Cadwalader, Wickersham & Taft LLP

A New Age of PerFFFection June 2024 - Potential Impact of UCC Article 12 on Fund Finance Transactions

At the bottom of the stack in investment fund structures, there are generally “real” assets—things like equity interests in portfolio companies, mortgage loans, commercial receivables, maybe even bricks and mortar. Fund...more

Mayer Brown

The Promise and Potential of Blockchain and New UCC Article 12

Mayer Brown on

Executive Summary: In the summer and fall of 2022, electronic transactions were undergoing a sea change, but riding different tides: in the summer, the Uniform Law Commission approved a set of amendments to the Uniform...more

Lathrop GPM

Digital Assets as Collateral Under the Uniform Commercial Code

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In 2019, the American Law Institute (“ALI”) and Uniform Law Commission (“ULC”) began developing amendments to the Uniform Commercial Code (“UCC”) to adapt to the changing landscape of transactions involving digital assets,...more

Levenfeld Pearlstein, LLC

Who Owns Crypto Assets? Know the Risks

Until recently, the nature of ownership of assets on deposit with a third party was not controversial. If a local bank branch goes bankrupt, the cash or other assets deposited with the bank belonged to individual...more

Harris Beach Murtha PLLC

Proposed UCC Amendments Set Guidelines for Security Interests in Digital Assets

Lenders looking to take security interests in digital assets, including cryptocurrency and non-fungible tokens (NFTs), may gain some certainty in the near future. The Uniform Commercial Code (UCC) sponsoring...more

Holland & Knight LLP

Recent Meta Policy Statement Outlines Goals, Hopes for Metaverse Regulator Activity

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Meta released a position paper concerning its most recent thoughts about regulation in the metaverse on Dec. 2, 2022. Noting its ongoing work with the Metaverse Standards Forum (which Meta established in June 2022 and now has...more

Orrick, Herrington & Sutcliffe LLP

The Uniform Commercial Code and Digital Assets: What You Need to Know

Digital assets have soared in popularity, with waves of innovation outpacing legislation and regulation. To try to narrow the gap, the Uniform Law Commission has urged U.S. states to change commercial law governing the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Amendments to Uniform Commercial Code Aim To Provide Clarity on the Transfer of Digital Assets

Over the last few years, stakeholders in the digital asset space have questioned how digital assets should be treated for purposes of the Uniform Commercial Code (UCC), a comprehensive body of laws relating to commercial...more

UB Greensfelder LLP

New UCC Amendments to Establish Ground Rules for Blockchain Transactions and Crypto-Backed Secured Financings

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Just as cryptocurrency markets are attempting to thaw out from a “crypto winter,” a joint committee of the Uniform Law Commission (ULC) and the American Law Institute (ALI) has finalized a significant and wide-ranging...more

King & Spalding

State Attorneys General Poised to Elevate Regulatory Scrutiny of Digital Asset Businesses

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The Attorney General Alliance (“AGA”) recently issued a collaborative White Paper that signals heightened scrutiny of digital asset businesses by state Attorneys General in coming years. Recognizing that it is “no longer...more

Sunstein LLP

NFTs – A Novel Challenge For Traders, Investors and Copyright Lawyers

Sunstein LLP on

Non-fungible tokens (or “NFTs”) are expanding rapidly into the mainstream in new and creative ways, behooving us to learn more about them. An NFT is a digitized, authenticated “token” that is linked to a digital asset. NFTs...more

Perkins Coie

Blockchain Week in Review - January 2020 #3

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U.S. Developments - Federal and State Regulatory Developments - Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians - SB 2594 before the Hawaii...more

Perkins Coie

Blockchain Week in Review - March 2019 #2

Perkins Coie on

U.S. Developments - Denver to Implement Blockchain-Based Elections for Overseas Voters - Denver moves to become the second U.S. jurisdiction to implement a blockchain-based voting system for overseas voters. Active duty...more

Perkins Coie

Blockchain Week in Review - January 2019 #4

Perkins Coie on

Cboe Withdraws and Then Submits a Proposed Rulemaking for a Bitcoin ETF - On January 22, 2019, Cboe BZX Exchange (Cboe) withdrew its proposed rulemaking with the U.S. Securities and Exchange Commission (SEC). Had the...more

Proskauer - Blockchain and the Law

Wyoming Legislature Advances Blockchain-Related Bills

States have long been “laboratories of democracy” where policymakers can try out certain innovative policies on a local or regional level that could eventually, if successful, become national programs. On the tech side, some...more

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