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#92 - Explaining the 2022 UCC Amendments, with Professor Carla Reyes

Law of Code

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The Objections to the UCC Amendments to Bitcoin

There's really two objections floating out around there. One is that people would love to see Bitcoin be defined as money, right? And although I understand the impulse because it's a medium of exchange, you want to be able to transact in it like money. The other objection is the idea that somehow defining electronic money will encourage the introduction of a US CPDC. But that's just simply not the role of the UCC. It doesn't have the power to ban anything or introduce a new form of currency in the United States. So all the things people want, even the people are making the objections, the things they want these rules achieve, it's just hard to do immediately.

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