In a previous blog titled “Digital Assets under the Uniform Commercial Code,” posted on November 29, 2022, I discussed the fact that digital assets, including virtual currencies, electronic money, and nonfungible tokens, are classified as general intangibles under the Uniform Commercial Code (the “UCC”) and that the current UCC does not adequately address the secured transactions and transfer issues raised by digital assets. The Uniform Law Commission had approved various amendments to the UCC to address digital assets. The Washington Legislature is now considering a significant number of amendments to the UCC, including amendments to address the digital assets issues. The Washington Senate has approved a substitute form of the bill, which is now before the House Civil Rights and Judiciary Committee for consideration.
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