The American Fintech Council (AFC) has expressed its strong support for New York Assembly Bill 3307A, which aims to modernize the state's Uniform Commercial Code (UCC) to better align with emerging technologies. This includes digital assets and distributed ledger transactions. The bill has already seen near-unanimous approval in both chambers of the New York State Legislature, and AFC is now urging Governor Kathy Hochul to sign it into law.
Phil Goldfeder, CEO of the American Fintech Council and a former member of the New York State Assembly, stated, "This legislation is a clear and necessary step to ensure New York remains the legal and financial center of responsible innovation in the United States." He emphasized that by updating the UCC to include technologies like virtual currencies and blockchain, New York is showing it can adapt while maintaining its legal integrity.
The new legislation incorporates a version of the 2022 Model UCC Amendments. It aims to clarify rules for digital-first commercial transactions while ensuring contract certainty and legal enforceability. This makes New York an attractive jurisdiction for complex financial dealings.
Ashley Urisman, Director of State Government Affairs at AFC, commented on the bill's forward-thinking nature: “This bill reflects a pragmatic, forward-looking approach to technology policy.” She noted that modernizing the UCC would benefit not only fintech providers but also consumers by enabling more secure, affordable, and accessible financial products.
The AFC represents major financial technology companies and innovative banks that offer embedded finance solutions. Its mission is to promote a transparent and inclusive financial system through responsible innovation in services and sound public policy. Members aim to enhance competition in consumer finance while serving underserved segments effectively.