New amendment related to emerging technologies

Today I am not here to talk about the price action of cryptocurrencies, as I found a press release that I found quite interesting to share with all of you about the new amendment related to emerging technologies that is being pushed in the United States of America.

According to information disclosed by Alek Hidell, the New York Bar Association is proposing new amendments related to cryptocurrencies, which to my way of thinking is somehow one of the strategies they will start focusing on to look for regulatory mechanisms after the approval of the Bitcoin ETF.

In Hidell's words, "The New York Emerging Technologies Amendments are intended to promote technological and commercial advances that lower transaction costs and improve the efficiency and security of financial transactions governed by the New York Uniform Commercial Code (UCC)."

On the other hand, "The amendments propose to adapt the New York UCC to "recent and possible future developments in technology." The UCC has not been updated since 2014, and the report notes that there have been many significant technological developments since then."

It has also been noted that, "The amendments will also help ensure New York's leadership in commercial and financial progress and growth and will discourage the migration of digital commerce to other jurisdictions that more clearly promote and encourage technological and commercial advances"

Cointelegraph. NYC Bar Association pushes for crypto law reforms to halt firm exits. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph