The Uniform Law Commission is urging states to refrain from enacting legislation regarding the Uniform Commercial Code treatment of virtual currencies, just as several states were actively considering such legislation. It is forming an emerging technology study group with the American Law Institute.
“To meet the growing need for law on this topic, the ULC and ALI have created a study committee to determine how the Code [the UCC] might be amended on a uniform basis to deal with emerging technologies. States are urged to refrain from enacting legislation pending the result of the committee’s work.
The study committee’s process will take into account diverse views and perspectives and practical applications, and it will draw from a wide range of skills and expertise. The process is especially relevant where some technologies are at early stages or otherwise have not fully matured and creative approaches need to be devised in anticipation of, and not to stifle, future transactions and developments.
NOTE : The Uniform Law Commission issued a new statement last night:"The third article mischaracterizes a ULC statement urging states to refrain from enacting legislation,. The Uniform Law Commission's new statement can be read in its entirety
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