Possessing The Unpossessable – Holding Digital Assets In Your UCC Hands

Non-fungible tokens, crypto tokens, cryptocurrencies, and other digital assets generally cannot be held in your physical hands, but they may now be legally possessed, under the Uniform Commercial Code in Delaware and other states that have newly adopted identical provisions of the Uniform Commercial Code or similar legislation.

Delaware recently joined other states that are adding to the uniform basket of regulations governing transactions with "digital assets" through amendments to the Uniform Commercial Code (the "UCC Amendments")—as of today, 28 states have introduced the UCC Amendments, and 10 states, including Delaware, Washington, New Hampshire, Alabama, Colorado, Hawaii, Nevada, New Mexico, North Dakota, and Indiana, have enacted the UCC Amendments.¹