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ARTICLE · 24 OCTOBER 2024

Whoa, We're Half-Way There: UCC Crypto-Overhaul Now Adopted By 25 States

Kane Russell Coleman Logan PC
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In 2022, the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI) published the first substantive amendments to the Uniform Commercial Code (UCC)...

United StatesTechnology
Michael Desmond
Michael Desmond
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In 2022, the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI) published the first substantive amendments to the Uniform Commercial Code (UCC) since 2010 (the "2022 Amendments"). As of October 14, 2024, the 2022 Amendments have been adopted by 25 States and have been proposed in 9 others. In the coming weeks, this blog will examine these changes in detail, including what they mean for Buyers and Sellers of Crypto, Lenders seeking to secure interests in Crypto as collateral, and how the deviations in implementation among the states will affect the crypto landscape nationwide. We begin today with an introduction and overview.

The two most significant changes arising out of the 2022 Amendments are the formation of Article 12, governing the rights of purchasers of Controllable Electronic Records ("CERs") like Bitcoin and a significant overhaul of Article 9, governing attachment, priority and perfection of Secured

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