#Tennessee SB 2840 would amend the state's UCC; classify #digitalassets as property, defines #virtualcurrency as a subset of digital assets; /1 legiscan.com/TN/text/SB2840…
Echoes of Wyoming- "virtual currency is... considered money" for the purposes of Article 9... uniquely equates "control" and "posesssion" with "exclusive legal authority" to transact... /2
a #privatekey must be "held by a person"- are smart contracts now agents who "hold" keys for a person? PK defined as a "unique element of cryptographic data," ...that is: (B) Paired with a unique, publicly available element of cryptographic data" -only public/private key systems!
Like Wyoming- "perfection of a security interest in a digital asset may be achieved through control." w/ an interest secured by control having priority over other types of perfection, requires a control agmt w/ debtor. Transferee takes free 2 yrs after w/o actual notice of claim
creates new custodial institutions like Wyoming SPDI. includes definition of "#blockchain"- a digital ledger or database that is chronological,
consensus-based, decentralized, and mathematically verified in nature; (not too bad!)
includes most of Wyoming's Open Network Token law; bill intended to govern in case of contradictions with the state UETA...
if control = posession = "legal authority" to use a #privatekey, where is the source of that repose of legal authority? it's title right?
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