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Committee hears uniform commercial code update to add digital-asset rules, ban central bank digital currencies
Summary
Senate Bill 426 would modernize Montana’s Uniform Commercial Code by replacing "writing" with "record," adding statutory treatment for electronic signatures and creating a UCC classification and transfer rules for "controllable electronic records" such as cryptocurrencies.
Sen. Vince Vinton (sponsor) told the committee Senate Bill 426 updates Montana’s Uniform Commercial Code for digital transactions and creates a UCC framework for electronic assets, including a new category the bill calls a "controllable electronic record." The sponsor said the changes reflect business practice across states and explicitly prohibit central bank digital currencies in the UCC definitions.
Jonathan Bying…
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