A proposed new Article 12 of the UCC provides rules for transactions involving certain new types of digital assets, including cryptocurrency and non-fungible tokens. Under the proposed new Article 12, these intangible assets are called “controllable electronic records,” or “CERs.” To ensure that the UCC remains relevant, CERs are defined to include not only assets created using today’s distributed ledger or “blockchain” technology but also any assets that may function similarly using future emerging technologies.
Proposed UCC Amendments to Article 12 Shed New Light on Transacting and Securing Interests in Digital Assets
