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Panel hears proponent testimony on UCC modernization bill for digital assets (House Bill 195)
Summary
Lawyers and industry representatives told the judiciary committee that House Bill 195 would add a new UCC article to address transfer and secured‑transaction rules for digital assets, create transition rules for existing rights, and use a choice‑of‑law default tied to the District of Columbia.
At a second hearing on House Bill 195, legal experts and banking lawyers told the Ohio House Judiciary Committee that the bill would update the Uniform Commercial Code to address digital assets such as cryptocurrencies, non‑fungible tokens and other electronic property.
Professor Jeff Ferriol, speaking on behalf of the Ohio State Bar Association and the Uniform Law Commission, said House Bill 195 contains a new UCC article to provide negotiable‑instrument‑style rules for transferring digital assets and amendments to ensure security‑interest protections for creditors. "House Bill 195 will update the UCC...…
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