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Incorporates the 2022 Uniform Law Commission recommended amendments to the Uniform Commercial Code to provide for emerging technologies; addresses emerging technologies, providing updated rules for commercial transactions involving virtual currencies, distributed ledger technologies (including blockchain), artificial intelligence, and other technological developments.
This bill updates the Uniform Commercial Code to address transactions involving emerging technologies like AI and blockchain.
If you engage in transactions involving AI or blockchain in New York, you must comply with updated UCC rules or face legal consequences.
What do these statuses mean? ▼
Affected Industries
What This Means
The proposed bill A10579 aims to modernize the Uniform Commercial Code by incorporating rules for emerging technologies such as artificial intelligence and blockchain. This legislation is crucial for businesses involved in commercial transactions that utilize these technologies.
Key Provisions
- Incorporates amendments to the UCC for transactions involving AI and blockchain.
- Establishes updated rules for virtual currencies in commercial transactions.
Latest Legislative Action
referred to judiciary
Bill Sponsors
| Name | Role | District |
|---|---|---|
| Alex Bores D | Sponsor | HD-073 |
Compliance Checklist
Who: Businesses engaging in transactions involving AI or blockchain.
Penalty: Potential legal consequences for non-compliance.
Related & Companion Bills
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Affected Industries
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