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Committee approves update to commercial law to cover digital assets
Summary
HB 1-800 would enact UCC Article 12 to provide legal rules for ownership, transfer and use of digital assets; sponsor said more than 30 states have adopted similar updates and the committee advanced the bill after confirming it does not authorize a central-bank digital currency.
Speaker Marsh (speaker 18) told the committee HB 1‑800 would enact UCC Article 12 to modernize Tennessee’s commercial laws for digital assets, giving courts, businesses and banks predictable rules for ownership, transfer and use of assets that exist only electronically. The sponsor said more than 30 states have already adopted similar rules.
Deputy Speaker Zachary (speaker 19) asked whether the legislation could create or allow a central-bank digital currency; the sponsor replied it would not. The committee called the question and the clerk reported 21 ayes and no nays; the bill advanced to Judiciary and Rules.
