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In July 2022, the sponsors of the Uniform Commercial Code (“UCC”) approved wide-ranging amendments to the UCC (“2022 UCC Amendments”) to provide workable rules for emerging technologies, such as distributed ledger technology and virtual currency. If adopted by individual state legislatures, these amendments should provide greater certainty regarding the rules governing security interests, competing claims, custodial risks, and other issues associated with digital assets. This article provides a high level summary of selected aspects of the 2022 UCC Amendments that may be of particular interest to financial market participants.

Authors: Sandra Rocks, Penelope Christophorou, and Brandon Hammer, Cleary Gottlieb Steen & Hamilton LLP

This article was originally published on the website of Cleary Gottlieb Steen & Hamilton LLP on July 21, 2022.

3 Pages
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Region: United States
Interest Area: Commercial and Contracts
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