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1/ SEISMIC NEWS for US #blockchain law watchers--the Uniform Law Commission today asked states to refrain from enacting its model acts for virtual currencies + any competing legislation while new study commission reviews emerging tech... @ForbesCrypto forbes.com/sites/caitlinl…
2/ ...The announcement was at the end of 3-page response to @ForbesCrypto contributor @AndreaTinianow's response to the ULC's request that she correct errors in her piece, which she maintained were not errors: forbes.com/sites/andreati…
3/ ...and came after testimony in a Nevada Senate hearing that was heavily opposed to enacting the ULC Model Acts & recent podcasts exploring the issues on @LetsTalkBitcoin & @TheCryptoShow. A committee hearing in California on the Model Acts was teed up as early as this week...
4/ ...I salute @uniformlaws for its responsiveness to industry opposition and willingness to go back to the drawing board. Many important issues are on the table, including how to give individual owners of #crypto the same UCC protections as those who own via intermediaries...
5/ ...Enacting bad law would have set the US back in #blockchain, which is a technology that knows no borders and fairly easily reroutes around bad laws to jurisdictions that have welcoming laws. A law that recognized optimal property rights only through intermediaries would...
6/ ...have significantly disadvantaged the US relative to countries whose laws respect how the tech actually works. We can do better! I'm glad the ULC/ALI Joint Study Committee is welcoming public participation so we can achieve an optimal law! 🤠
1/ UPDATE: The Uniform Law Commission issued a new statement: "The third article mischaracterizes a ULC statement urging states to refrain from enacting legislation, LIKE THE NEW WYOMING LAW, THAT CONFLICTS WITH THE UCC." (CAPS show changes to @uniformlaws original statement)...
2/ ...That is a big substantive change--it's now only the #Wyoming law the ULC is urging states to refrain from enacting. Wyoming's law doesn't conflict w/ the UCC--it just maps digital assets into existing UCC categories, w/o changing its UCC, just as the ULC's Supplemental...
3/ ...Act does--except #Wyoming's law creates optimal property rights for ALL owners of digital assets, rather than only for those that own via an intermediary. #California & #Nevada #crypto peeps, this isn't over yet--the ULC laws are still moving thru your states' legislatures!
