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FTX debtors led by chief restructuring officer John J. Ray III have expressed disapproval of traders and market makers within the Official Committee of Unsecured Creditors (UCC) who are aiming to gain authority over assets. They believe the UCC’s plan to invest nearly $2.6 billion in cash reserves in short-term
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Legislation has been introduced in the American state of South Dakota to amend the Uniform Commercial Code (UCC) to limit the definition of money to exclude cryptocurrencies. Central bank digital currencies (CBDC) would still be considered money under the proposed new definition. The 117-page amendment, introduced into the state house of
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While the updates to the UCC address the certainty of commercial transactions involving crypto, the UCC does not address other substantive law that might affect these assets; look elsewhere for clarity as to securities and commodity regulation, intellectual property, tax, sanctions, anti-money laundering or the rights of digital exchange customers.
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