Alaska House passes commercial-code update for digital assets

The Alaska House passed a bill Wednesday updating the state's Uniform Commercial Code for digital assets and electronic transactions. The vote was 39-0.

Senate Bill 252 incorporates model-law updates from the Uniform Law Commission and the American Law Institute. The updates include rules for controllable electronic records, a category that covers digital assets such as cryptocurrencies, NFTs and electronic promises to pay.

Rep. Andrew Gray carried the bill on the House floor. He said the Uniform Commercial Code gives businesses consistent rules for contracts across states. Alaska adopted the code in 1967.

The 2022 updates clarify ownership rights and how controllable electronic records can be used as collateral. Supporters said the changes provide legal certainty for electronic transactions that have become more common.

The bill passed without floor amendments.