While the members of the Uniform Law Commission (ULC) and the American Law Institute (ALI) have joined forces to ponder the effects of new technologies on laws governing commercial transactions in the US, namely the Uniform Commercial Code (UCC), the ULC has urged states not to enact new crypto legislation – reports Forbes.
“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,” announced the ULC.
According to the ULC’s statement, the new committee will consider a wide range of views and applications, and draw from a diverse set of skills and expertise, in its research.
“The committee welcomes participants from states that wish to be involved in its work and from individuals and groups with a stake in the development of appropriate laws to govern digital-asset transactions,” it added.
According to Forbes, a number of states such as California, Hawaii, Nevada, and Oklahoma are currently working on new regulations based on ULCs two model acts – the Uniform Regulation of Virtual Currency Businesses Act (URVCBA) and Supplemental Act.
Previously, Wyoming introduced its own regulations, effectively rejecting the ULC’s acts, with Missouri following in its footsteps soon after.