Seismic News About State Virtual Currency Laws: ULC Urges States To Withdraw Model Act

“States are urged to refrain from enacting legislation pending the result of the committee’s work.” –Uniform Law Commission

The Uniform Law Commission today asked states considering its proposed model act regarding virtual currencies to refrain from enacting it and competing legislation while a newly-established committee considers the impact of emerging technologies on the Uniform Commercial Code (the model state law that governs commercial transactions in the US). The joint study committee will consist of members of the Uniform Law Commission and the American Law Institute.

Read more about this, including a statement from the Uniform Law Commission, here.