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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 include rules for transactions involving virtual currencies and distributed ledger technologies.
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 aims to modernize the Uniform Commercial Code by incorporating provisions for emerging technologies such as virtual currencies and distributed ledger technologies. This update is crucial for businesses involved in commercial transactions that utilize these technologies, ensuring they operate within the legal framework. However, the bill is currently introduced and not yet enacted, so compliance preparation is premature.
Key Provisions
- Incorporates rules for transactions involving virtual currencies.
- Addresses commercial transactions using distributed ledger technologies.
- Updates the Uniform Commercial Code to reflect technological advancements.
- Ensures legal clarity for businesses using emerging technologies.
Latest Legislative Action
COMMITTED TO RULES
Bill Sponsors
| Name | Role | District |
|---|---|---|
| Brad Hoylman-Sigal D | Sponsor | SD-047 |
Compliance Checklist
Who: Businesses engaging in AI and blockchain transactions.
Penalty: Legal consequences for non-compliance.
Related & Companion Bills
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Affected Industries
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