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Business and bar groups push UCC updates to govern digital assets and 'controllable electronic records'
Summary
Attorneys and business groups urged the Judiciary Committee to adopt the 2022 Uniform Commercial Code amendments in House Bill 6,970, saying the new Article 12 would let Connecticut law govern digital assets and controllable electronic records in commercial transactions.
Attorneys and business groups told the Judiciary Committee HB 6,970 adopts the 2022 amendments to the Uniform Commercial Code to address commercial transactions involving digital assets.
Jim Schollwel (Shipman & Goodwin) and Thomas Welsh (Connecticut Bar Association) described the changes as an update to the UCC’s treatment of negotiable instruments, secured transactions and electronic records to reflect the growing use of blockchain‑based assets, non‑fungible…
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