The organization wants New York to lead the way in blockchain innovation
A new amendment has been proposed by the New York City Bar Association regarding emerging technologies, such as digital assets, to motivate cryptocurrency firms to set up headquarters in New York and maintain its status as a leading commercial hub.
The New York Emerging Technologies Amendments aim to facilitate technological and commercial advances that lower transaction costs and improve the efficiency and protection of financial transactions controlled by the New York Uniform Commercial Code (UCC), according to the institution’s New York State Legislative Agenda released on January 29.
The association says that these benefits are significant factors viewed by market players who pick New York as a business location or the jurisdiction in which to settle legal quarrels.
The amendments suggest adapting New York’s UCC to “recent and potential future developments in technology.” The UCC hasn’t been revised since 2014, and the included report notes have had numerous critical technological improvements since then.
The report underscores that New York is in jeopardy of losing digital asset market participants, as 11 states have passed the model UCC amendments suggested by the Uniform Law Commission (ULC). An additional 15 states and the District of Columbia have presented bills based on the revisions, with more states predicted to follow.
With 843 firms at the end of 2023, New York has the biggest number of crypto companies worldwide and was listed as the third-ranked crypto hub in Recap’s annual list of cities issued in 2023, with more than 1,400 people employed in crypto-related jobs.
New York has been designated the worst state for crypto taxes, while Florida was named the “best state,” based on a January 22 analysis by CoinLedger.
