id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
inlawrev-27227	Gordon, John	Emerging Technologies and Lagging Laws: Article 12 and the UCC's Attempt to Commercially Incorporate the Rapidly Changing World of Digital Assets	2023	24	.pdf	application/pdf	10954	515	58	The term ‘digital asset’ (A) means an asset— (i) that is created electronically or digitally through software code; (ii) that is programmed with rules that— (I) govern the creation, supply, ownership, use, and transfer of such digital asset; and (II) are designed to resist modification or tampering by any single person or persons under common control; (iii) that has a transaction history that— (I) is recorded on a— (aa) distributed digital ledger; or (bb) digital data structure in which consensus is achieved through a mathematically verifiable process; (II) is updated as soon as possible in accordance with the digital asset programming rules related to transactions and ownership; and (III) after consensus is reached is designed to prevent modification or tampering with the ownership or transaction history by any single person or persons under common control; (iv) That is capable of being transferred between persons through a decentralized method without an intermediate custodian; and (B) is a broad term which includes several other terms used to describe digital assets by market participants and regulators such as ‘virtual asset’, ‘virtual currency’, and ‘convertible virtual currency’ among others.118 116. Whether a security interest has “attached” and has been “perfected” depends upon compliance with rules set forth in Article 9, and these rules differ depending upon the category of collateral involved.80 This presents a problem for cryptocurrency and other digital assets.	cache/inlawrev-27227.pdf	txt/inlawrev-27227.txt