The Regulation of Virtual Currency Businesses Act drafting committee met for its final drafting committee meeting in Chicago on March 3 and 4, 2017. The focus was on deciding a number of open issues and polishing the act for its final reading before the Conference this summer in San Diego. One major change occurred when the drafting committee, in order to clarify the application of commercial law rules, particularly those of UCC Article 9, to virtual currency transactions, voted to mandate the application of UCC Article 8 treating virtual currency as a financial asset. The act will be worked on by the Style Committee at its May meeting, and simultaneously will be distributed to the committee roster for comments, before preparing the draft that will be submitted to the annual meeting in San Diego.
Fred Miller, Chair
Drafting Committee on Regulation of Virtual Currency Businesses Act