HARRISBURG – The Pennsylvania State Senate passed legislation today that would modernize the Uniform Commercial Code (UCC), updating rules that govern digital asset transactions to ensure security, consistency and confidence, said Sen. Greg Rothman (R-34), who sponsored the measure.
The UCC has been providing consistency for commercial law and interstate commerce since 1954, when Pennsylvania led the initiative to adopt it. It has since been adopted by all states and gives Americans legal confidence when transacting business across state lines. The last major revisions to the UCC took effect in 2001. In the two decades since, electronic property, or digital assets, have become much more prevalent in commercial transactions.
Senate Bill 1084 would bring the law into the 21st century by establishing guidelines to cover digital asset transactions involving virtual currencies, non-fungible tokens, electronic accounts, and other forms of electronic commerce. The legislation would also make other needed technical updates to the UCC.
“The UCC provides security and consistency to our nation’s commerce,” Rothman said. “It is essential that digital asset transactions be properly addressed in law so that all parties are protected and can operate with confidence.”
The bill has been referred to the House of Representatives for further consideration. Visit senatorrothman.com for more information.