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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | January 9, 2024 11:53 AM |
|---|---|
| From: | Senator Greg Rothman |
| To: | All Senate members |
| Subject: | Uniform Commercial Code Amendments |
| I plan to introduce legislation that will update and modernize the Uniform Commercial Code (“UCC”) to provide clear and uniform rules to govern digital asset transactions. The UCC provides commercial law rules for broad categories of transactions and has been adopted in every state since Pennsylvania led the initiative in 1954. Today, the UCC provides clear and consistent guidance for interstate commerce, giving Americans legal confidence when transacting business with strangers. The UCC also preserves the primacy of state law to govern private commercial transactions as an alternative to ever expanding federal preemption. The last major revisions to the UCC took effect in 2001. In the two decades since, commercial parties have more expansively begun utilizing electronic property, or digital assets, in commercial transactions. This bill will establish guidelines to govern transactions involving a broad class of digital assets known as “controllable electronic records,” which includes assets such as virtual currencies, non-fungible tokens, and electronic accounts and payment obligations. The legislation will also make other needed technical updates to the UCC. Please join me in cosponsoring this legislation to provide security and consistency in our nation’s commerce. |
Introduced as SB1084