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Senate committee advances bill to adopt UCC Article 12 covering digital assets
Summary
The Senate Commerce and Tourism Committee voted to report CS for SB 1666 favorably after adopting a technical amendment; the bill would incorporate Article 12 of the Uniform Commercial Code into Florida law to address commercial transactions in digital assets.
Senator Grahl’s proposal to adopt a Florida version of Article 12 of the Uniform Commercial Code moved forward in the Senate Committee on Commerce and Tourism after committee members adopted a technical amendment and voted to report the committee substitute favorably.
The bill, explained by Senator Grahl, would add statutory provisions addressing commercial aspects of digital assets — including cryptocurrency, smart contracts, nonfungible tokens and transactions recorded on distributed ledgers — into Florida law. Grahl said current Florida law “does not have provisions specifically addressing commercial aspects of digital assets” and that the lack of clear rules creates legal doubt for secured transactions involving those assets.
Committee members adopted amendment barcode 901058, described on the floor as a technical fix that corrected two statutory-reference errors and contained broader technical edits. Amy Diaz Lyon, representing the Business Law Section of The Florida Bar, filed an appearance form in support; no other testimony was recorded. There was no debate of substance after the amendment was offered, and the sponsor waived closing remarks.
After the amendment was adopted, the committee called the roll and reported CS for SB 1666 favorably. The committee record notes the Business Law Section’s support for the bill.
What the bill does: according to the sponsor’s explanation, CS for SB 1666 would align Florida with the 2022 UCC reforms that created Article 12 and have been adopted in multiple other states. The measure aims to clarify debtor–creditor relationships and secured transactions when the collateral is a digital asset.
Next steps: the committee’s favorable report sends CS for SB 1666 on to subsequent Senate consideration. The amendment and committee action were recorded in the meeting minutes.
Quotes from the hearing are reflected verbatim from the transcript: “Florida has not yet adopted Article 12 of the Uniform Commercial Code,” Senator Grahl said, and the Business Law Section of The Florida Bar “supports” the bill.
Ending: The committee recorded the amendment as adopted and the committee substitute as reported favorably; the bill will proceed to the next committee or calendar step per Senate rules.
