State Senator Greg Rothman | Official U.S. Senate headshot
State Senator Greg Rothman | Official U.S. Senate headshot
The Pennsylvania State Senate has passed legislation aimed at modernizing the Uniform Commercial Code (UCC) to address digital asset transactions. The bill, sponsored by Senator Greg Rothman (R-34), seeks to update rules governing these transactions to ensure security, consistency, and confidence.
Since its inception in 1954, the UCC has provided a consistent legal framework for commercial law and interstate commerce. Pennsylvania was instrumental in its initial adoption, which has since been embraced by all states. The last significant revisions to the UCC occurred in 2001. Over the past two decades, electronic property and digital assets have become increasingly prevalent in commercial transactions.
Senate Bill 1084 aims to bring the UCC into the 21st century by establishing guidelines for digital asset transactions involving virtual currencies, non-fungible tokens, electronic accounts, and other forms of electronic commerce. Additionally, the legislation proposes various technical updates to the UCC.
"The UCC provides security and consistency to our nation’s commerce," said Rothman. "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 now moves to the House of Representatives for further consideration.
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