The Bar Association seeks to maintain New York’s preeminence in digital asset transactions, not just paper-based financial transactions.
The New York City Bar Association has proposed a new amendment related to emerging technologies, such as digital assets, to encourage crypto firms to set up headquarters in New York and preserve the city’s preeminence as a leading commercial jurisdiction.
The New York Emerging Technologies Amendments seek to promote technological and commercial advances that decrease transaction costs and enhance the efficiency and security of financial transactions governed by the New York Uniform Commercial Code (UCC), according to the New York State Legislative Agenda published on Jan. 29.
The Bar Association noted that these advantages are significant factors considered by market participants choosing New York as a business location or as the jurisdiction in which to resolve legal disputes.
