The Uniform Commercial Code (UCC) is a set of standardized laws governing commercial transactions in the United States. It addresses areas such as sales, leases, negotiable instruments, bank deposits, and secured transactions. The UCC aims to harmonize commercial law across states, providing legal predictability and efficiency for businesses. Its principles are being considered for digital assets. It provides a foundational legal structure.
Context
Legal scholars and policymakers are actively debating how the Uniform Commercial Code can be adapted to effectively govern transactions involving digital assets. Revisions to the UCC are being proposed to address the unique characteristics of cryptoassets, particularly concerning security interests and the transfer of ownership. This effort seeks to provide a clear legal framework for the integration of digital assets into mainstream commerce.
New UCC Article 12 establishes "control" as the perfection standard for security interests in digital assets, fundamentally de-risking secured lending.
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