#75 - UCC Article 12 Amendments with Drew Hinkes and Andrea Tosato

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Dec 13, 2022

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INSIGHT

Hybrid Process Boosted Participation

Moving meetings online during COVID widened participation and talent around the table.
That inclusivity let knowledgeable industry voices shape the rules effectively.

ANECDOTE

From Dismissal To Respect For Crypto

Andrea recalled early dismissals of Bitcoin at study meetings until industry voices pushed back.
That push helped steer the committee to respect market practices and include crypto expertise.

INSIGHT

Control Is The Defining Feature

Control is central: CERs are electronic records that can be exclusively controlled.
The definition aims to capture functional dominion resembling possession for tangibles.

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Andrew "Drew" Hinkes (@propelforward) is a partner in K&L Gates Miami office and the Co-Chair of its Global crypto practice. Drew is an Adjunct Professor of Law at the NYU School of Law, where he co-teaches "Digital Currency, Blockchains, and the Future of the Financial Services Industry.” Since 2019, Drew has been an advisor to the Uniform Law Commission’s Uniform Commercial Code (UCC) and Emerging Technologies Digital Assets Working Group, focusing on commercial transactions involving digital assets.

Dr Andrea Tosato (@Andrea_Tosato) is an Associate Professor in Commercial Law at the School of Law of the University of Nottingham and a Visiting Associate Professor at the University of Pennsylvania Law School. Andrea was actively involved in the ULC/ALI UCC and Emerging Technologies Committee that drafted the amendments to the UCC to accommodate emerging technology developments. At present, he is contributing to the adoption and enactment process of this novel legal framework at state level.

Show highlights

[3:40] What is Article 12?

[15:40] Process of creating Article 12

[30:00] Controllable electronic records

[42:00] Benefits of Article 12

[49:00] Filing financial statements

& much more

Links

Article: Carla L. Reyes, Creating Cryptolaw for the Uniform Commercial Code

Article: Kara J. Burce, Christopher K. Odinet, and Andrea Tosato, The Private Law of Stablecoins

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