Committees

Digital Technologies Task Force

ABOUT THE TASK FORCE ON DIGITAL TECHNOLOGIES

The New York City Bar Association (City Bar) Task Force on Digital Technologies is composed of more than 100 representatives of 47 committees of the City Bar and adjunct members, including lawyers, academics, trade association representatives, consultants, technologists, and others. Virtually every City Bar practice area is represented on the Task Force. The primary mission of the Task Force is to create a Center of Excellence and Thought Leadership in Digital Technologies, including innovative technologies that create new or enhanced products and services, digital assets, and more efficient, convenient, and effective ways of doing business.

UPCOMING EVENT:  THE TASK FORCE ARTIFICIAL INTELLIGENCE INSTITUTE

JUNE 10, 2024

TASK FORCE LEADERSHIP

ADVOCACY WORK

New York Emerging Technologies Amendments to the UCC Talking Points & Resources

ORGANIZATION OF THE TASK FORCE

The Task Force is led by three co-chairs and subcommittee co-chairs from seventeen subcommittees and five working groups (one of which is a joint effort with the City Bar Council on Judicial Administration (CJA)) that focus on a discrete, and often overlapping, area of digital technologies. The 18 subcommittees (by alphabetical order) and the five working groups (by alphabetical order) include:

  1. Subcommittee on Articles and Blogs (Angelena Bradfield and Edwin Smith, co-chairs)The Subcommittee on Articles and Blogs works with the Task Force Co-Chairs to encourage and promote opportunities for Task Force members to draft timely and topical articles, blogs, alerts and other writings that would be approved by at least three members of the subcommittee and posted on the Task Force Dashboard; to seek and obtain permission from other authors of articles, blogs, alerts, and other writings on digital technologies issues and to provide links of those articles, blogs, alerts, and other writings to the Task Force Dashboard.
  2. Subcommittee on Artificial Intelligence (Azish Filabi, Adele Hogan, and Stuart Levi, co-chairs)The Subcommittee on Artificial Intelligence works with the Task Force Co-Chairs to conduct research on issues involving artificial intelligence; draft articles, blogs, reports, and other writings analyzing artificial intelligence issues; review and analyze in writing articles, blogs, reports, and other writings on artificial intelligence issues drafted by others; host seminars and webinars on artificial intelligence issues; and record podcasts on artificial intelligence issues.
  3. Subcommittee on Behavioral Science in Digital Technologies (Tiffany Archer, co-chair)The Subcommittee on Behavioral Science in Digital Technologies works with the Task Force Co-Chairs to conduct research on issues involving behavioral science in digital technologies; draft articles, blogs, reports, and other writings analyzing behavioral science in digital technologies issues; review and analyze in writing articles, blogs, reports, and other writings on behavioral science in digital technologies issues drafted by others; host seminars and webinars on behavioral science in digital technologies issues; and record podcasts on behavioral science in digital technologies issues.
  4. Subcommittee on Cryptocurrencies (Tracey Chenoweth and Gregory Rowland, co-chairs)The Subcommittee on Cryptocurrencies works with the Task Force Co-Chairs to conduct research on issues involving cryptocurrencies; draft articles, blogs, reports, and other writings analyzing cryptocurrencies issues; review and analyze in writing articles, blogs, reports, and other writings on cryptocurrencies issues drafted by others; host seminars and webinars on cryptocurrencies issues; and record podcasts on cryptocurrencies issues.
  5. Subcommittee on Cybersecurity, Privacy and Data Protection (Irene Byhovsky, Brian Rauer, Alexander Southwell, and Adam Scott Wandt, co-chairs)The Subcommittee on Cybersecurity, Privacy and Data Protection works with the Task Force Co-Chairs to conduct research on issues involving cybersecurity, privacy and data protection; draft articles, blogs, reports, and other writings analyzing cybersecurity, privacy and data protection issues; review and analyze in writing articles, blogs, reports, and other writings on cybersecurity, privacy and data protection issues drafted by others; host seminars and webinars on cybersecurity, privacy, and data protection issues; and record podcasts on cybersecurity, privacy and data protection issues.
  6. Subcommittee on the Digital Divide (Robert Marchman and Jolevette Mitchell, co-chairs)The Subcommittee on the Digital Divide works with the Task Force Co-Chairs to conduct research on issues involving the digital divide; draft articles, blogs, reports, and other writings analyzing digital divide issues; review and analyze in writing articles, blogs, reports, and other writings on digital divide issues drafted by others; host seminars and webinars on digital divide issues; and record podcasts on digital divide issues.
  7. Subcommittee on Digital Technologies Consumer Protection (Melissa Baal Guidorizzi and Eamonn Moran, co-chairs)The Subcommittee on Digital Technologies Consumer Protection works with the Task Force Co-Chairs to conduct research on issues involving digital technologies consumer protection; draft articles, blogs, reports, and other writings analyzing digital technologies consumer protection issues; review and analyze in writing articles, blogs, reports, and other writings on digital technologies consumer protection issues drafted by others; host seminars and webinars on digital technologies consumer protection issues; and record podcasts on digital technologies consumer protection issues.
  8. Subcommittee on Distributed Ledger Technology and Blockchain (Ben Melnicki, Robert Schwinger, and Hector Velez, co-chairs)The Subcommittee on Distributed Ledger Technology and Blockchain works with the Task Force Co-Chairs to conduct research on issues involving distributed ledger technology and blockchain; draft articles, blogs, reports, and other writings analyzing distributed ledger technology and blockchain issues; review and analyze in writing articles, blogs, reports, and other writings on distributed ledger technology and blockchain issues drafted by others; host seminars and webinars on distributed ledger technology and blockchain issues; and record podcasts on distributed ledger technology and blockchain issues.
  9. Subcommittee on Electronic Mobility Services (Margaret Barry, Matthew Daus, and Elizabeth Stein, co-chairs)The Subcommittee on Electronic Mobility Services works with the Task Force Co-Chairs to conduct research on issues involving electronic mobility services; draft articles, blogs, reports, and other writings analyzing electronic mobility services issues; review and analyze in writing articles, blogs, reports, and other writings on electronic mobility services issues drafted by others; host seminars and webinars on electronic mobility services issues; and record podcasts on electronic mobility services issues.
  10. Subcommittee on Equal Access to Justice (Abbe Gluck and McGregor Smyth, co-chairs)The Subcommittee on Equal Access to Justice works with the Task Force Co-Chairs to conduct research on issues involving equal access to justice; draft articles, blogs, reports, and other writings analyzing equal access to justice issues; review and analyze in writing articles, blogs, reports, and other writings on equal access to justice issues drafted by others; host seminars and webinars on equal access to justice issues; and record podcasts on equal access to justice issues.
  11. Subcommittee on Ethics in Digital Technologies (David George Keyko and Tyler Maulsby, co-chairs)The Subcommittee on Ethics in Digital Technologies works with the Task Force Co-Chairs to conduct research on issues involving ethics in digital technologies; draft articles, blogs, reports, and other writings analyzing ethics in digital technologies issues; review and analyze in writing articles, blogs, reports, and other writings on ethics in digital technologies issues drafted by others; host seminars and webinars on ethics in digital technologies issues; and record podcasts on ethics in digital technologies issues.
  12. Subcommittee on Financial Inclusion (Liat Shetret, co-chair)The Subcommittee on Financial Inclusion in Digital Technologies works with the Task Force Co-Chairs to conduct research on issues involving financial inclusion in digital technologies; draft articles, blogs, reports, and other writings analyzing financial inclusion in digital technologies issues; review and analyze in writing articles, blogs, reports, and other writings on financial inclusion in digital technologies issues drafted by others; host seminars and webinars on financial inclusion in digital technologies issues; and record podcasts on financial inclusion in digital technologies issues.
  13. Subcommittee on Large Language Models (Wendy Butler Curtis and Robert Mahari, co-chairs)The Subcommittee on Large Language Models works with the Task Force Co-Chairs to conduct research on issues involving the large language models; draft articles, blogs, reports, and other writings analyzing large language models; review and analyze in writing articles, blogs, reports, and other writings on large language models drafted by others; host seminars and webinars on large language models; and record podcasts on large language models.
  14. Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities (Kyle Armstrong and Jessi Brooks, co-chairs)The Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities works with the Task Force Co-Chairs to conduct research on issues involving the law enforcement and regulatory agency digital technologies activities; draft articles, blogs, reports, and other writings analyzing law enforcement and regulatory agency digital technologies activities; review and analyze in writing articles, blogs, reports, and other writings on law enforcement and regulatory agency digital technologies activities drafted by others; host seminars and webinars on law enforcement and regulatory agency digital technologies activities; and record podcasts on law enforcement and regulatory agency digital technologies activities.
  15. Subcommittee on the Metaverse (Terrence Dugan and Flora Lau, co-chairs)The Subcommittee on the Metaverse works with the Task Force Co-Chairs to conduct research on issues involving the metaverse; draft articles, blogs, reports, and other writings analyzing metaverse issues; review and analyze in writing articles, blogs, reports, and other writings on metaverse issues drafted by others; host seminars and webinars on metaverse issues; and record podcasts on metaverse issues.
  16. Subcommittee on Non-Fungible Tokens (Mana Ghaemmaghami and Tiffany Smith, co-chairs)The Subcommittee on Non-Fungible Tokens works with the Task Force Co-Chairs to conduct research on issues involving non-fungible tokens; draft articles, blogs, reports, and other writings analyzing non-fungible tokens issues; review and analyze in writing articles, blogs, reports, and other writings on non-fungible tokens issues drafted by others; host seminars and webinars on non-fungible tokens issues; and record podcasts on non-fungible tokens issues.
  17. Subcommittee on Payment Services and Systems (Muhseen Abdoolraman, Stephen Aschettino, and Pratin Vallabhaneni, co-chairs)The Subcommittee on Payment Services and Systems works with the Task Force Co-Chairs to conduct research on issues involving payment services and systems; draft articles, blogs, reports, and other writings analyzing payment services and systems issues; review and analyze in writing articles, blogs, reports, and other writings on payment services and systems issues drafted by others; host seminars and webinars on payment services and systems issues; and record podcasts on payment services and systems issues.
  18. Subcommittee on Web3 (Lewis Cohen and Beth Haddock, co-chairs)The Subcommittee on Web3 works with the Task Force Co-Chairs to conduct research on issues involving decentralized autonomous organizations (DAOs) and decentralized finance (Defi); draft articles, blogs, reports, and other writings analyzing DAOs and Defi issues; review and analyze in writing articles, blogs, reports, and other writings on DAOs and Defi issues drafted by others; host seminars and webinars on DAOs and Defi issues; and record podcasts on DAOs and Defi issues.
  19. Working Group on Digital Technologies Annual Symposium (Lorraine McGowen, Edward So, and Jerome Walker, co-chairs)The Working Group on Digital Technologies Annual Symposium works with the Task Force Co-Chairs to plan and host the Task Force Annual Symposium on Digital Technologies. The annual symposium is the signature CLE event of the Task Force and is a one or more full days of in-person panels on timely and topical digital technologies.
  20. Working Group on the Emerging Technology Amendments to the New York Uniform Commercial Code (Lorraine McGowen and Jerome Walker, co-chairs)The Working Group on the Emerging Technology Amendments to the New York Uniform Commercial Code (New York UCC) works with the Task Force Co-Chairs to support the modernization of the New York UCC in the current legislative session and in close coordination with the City Bar Advocacy Department to support S.7244 sponsored by New York State Senator Brad Hoylman-Sigal. S.7244 is currently in the Senate Judiciary Committee and needs to be amended to reflect the full text of the New York Emerging Technologies Amendments to the Uniform Commercial Code, and introduced in the New York Assembly.
  21. Working Group on Judicial Administration and Artificial Intelligence (Harut Minasian, chair)The Working Group on Judicial Administration and Artificial Intelligence (JAAI) is a joint project between the Task Force and CJA to address current and potential issues related to the use of artificial intelligence within the New York State judiciary and judicial process. JAAI plans to issue recommendations for the New York State judiciary. JAAI also works with the Task Force Co-Chairs to conduct research on issues involving the judicial administration and artificial intelligence; draft articles, blogs, reports, and other writings analyzing judicial administration and artificial intelligence; review and analyze in writing articles, blogs, reports, and other writings on judicial administration and artificial intelligence drafted by others; host seminars and webinars on judicial administration and artificial intelligence; and record podcasts on judicial administration and artificial intelligence.
  22. Working Group to Study the House Financial Services Committee and House Committee on Agriculture Discussion Draft of Legislation Providing a Statutory Framework for Digital Asset Regulation (Jerome Walker, chair)The Working Group to Study the House Financial Services Committee and House Committee on Agriculture Discussion Draft of Legislation Providing a Statutory Framework for Digital Asset Regulation (House Framework for Digital Asset Regulation Working Group) works with the Task Force Co-Chairs to study, analyze and monitor the status of the House Financial Services Committee and House Committee on Agriculture Discussion Draft of Legislation Providing a Statutory Framework for Digital Asset Regulation, and any other similar developments in Congress, at the state level or internationally.
  23. Working Group to Study the New York Attorney General Proposal to Regulate the Cryptocurrency Industry (Lorraine McGowen and Jerome Walker, co-chairs)The Working Group to Study the New York Attorney General Proposal to Regulate the Cryptocurrency Industry (New York AG Proposal Working Group) works with the Task Force Co-Chairs to study, analyze and monitor the status of the New York Attorney General Proposal to Regulate the Cryptocurrency Industry, and any other similar developments at the state level.

RECENT WORK TO DATE

LOOKING BACK ON 2023

January 2023

On January 31, 2023, the Task Force hosted the City Bar’s first CLE Program on 22 N.Y.C.R.R. 1500, which requires New York lawyers to obtain CLE credits in Cybersecurity, Privacy and Data Protection. The program was moderated by Irene Byhovsky: City Bar Task Force on Digital Technologies Subcommittee on Cybersecurity, Privacy and Data Protection, Co-Chair; City Bar Science & Law Committee, Chair; and Legislative Counsel at New York City Council and featured Alona Katz: City Bar Task Force Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities and Subcommittee on Cybersecurity, Privacy and Data Protection, Member and Chief of the Virtual Currency Unit of the Brooklyn District Attorney’s Office; Brian Rauer: City Bar Task Force on Digital Technologies Subcommittee on Cybersecurity, Privacy and Data Protection, Co-Chair; City Bar Consumer Affairs Committee, Member; and General Counsel and Executive Director, Better Business Bureau of Metropolitan New York and Mid-Hudson BBB; Adam Scott Wandt: City Bar Task Force on Digital Technologies Subcommittee on Cybersecurity, Privacy and Data Protection, Co-Chair; City Bar Technology, Cyber and Privacy Law Committee, Co-Chair; and Assistant Professor of Public Policy and Vice Chair for Technology of the Department of Public Management at John Jay College of Criminal Justice; Rick Borden: Partner at Frankfurt Kurnit; Elizabeth Roper: Partner at Baker & McKenzie LLP; and Mike Tzitzikalakis: Assistant Special Agent in Charge, Homeland Security Investigations US Department of Homeland Security. The CLE program is still one of the most well attended CLE programs for the City Bar.

February 2023

On February 16, 2023, the Task Force released its Report in Support of the Enactment of the New York Version of the Amendments to the Official Text of the Uniform Commercial Code (2022). The Report is the product of 17 months of hard work and collaboration of more than 100 professionals. The Amendments are designed to modernize, rationalize, and clarify New York’s UCC so that it effectively governs important transactions in digital assets, while applying to certain digital assets the unique characteristics of New York law that facilitate the negotiability of written instruments and, thereby, enhance transactional certainty. The Amendments also further the purpose of New York’s Electronic Signature and Records Act – now almost a quarter-century old – to make commercial law more media-neutral in order to facilitate electronic commerce, i.e., use of technology to accomplish transactions traditionally based on delivery of signed paper documents. Most importantly, the Amendments utilize the concept of a Controllable Electronic Record (CER) to provide legal recognition for, and thereby facilitate the creation of, a broad range of new forms of intangible property or digital assets (rather than limiting digital assets to specifically enumerated types of property) and to define the rights of purchasers of such digital assets in order to enhance their commercial utility. Second, CER is defined broadly, so that it is technology-neutral and not limited to any particular existing technology utilized to establish control. Third, the Amendments specifically recognize controllable accounts, and controllable payment intangibles, as digital assets. These are accounts and payment intangibles which, by their terms, the obligor has agreed are payable only to the person in control of a specified CER. Enactment of the New York Amendments will eliminate existing impediments to the choice of New York law and jurisdiction to govern transactions in, and to resolve disputes concerning, digital assets. More than that, enactment of the Amendments would make choice of New York law and jurisdiction affirmatively attractive for purchasers of digital assets. This will further New York’s long-standing goals (i) of encouraging choice of New York law and jurisdiction to govern commercial contracts and (ii) of making the advantages of electronic commerce available to the greatest extent in New York. The Amendments, crafted specifically for New York, are intended to preserve, and apply existing New York-specific principles, particularly those protecting the rights of good faith purchasers of negotiable instruments and documents, to transactions involving digital assets which are the electronic equivalent of such instruments and documents. By updating New York’s UCC to cover all digital assets that are CERs, prompt enactment of the Amendments would encourage parties to choose New York law and courts to govern commerce in digital assets, particularly those which function as electronic money or electronic notes, drafts, bills of exchange, or other electronic media.

The Task Force Report includes a proposed bill that could be used to update the New York UCC. Task Force leaders, in coordination with the City Bar’s Policy Department, Uniform Law Commissioners (ULC), and American Law Institute (ALI) representatives, periodically conduct outreach to policymakers and their staff and other stakeholders to gain support and sponsorship for the proposed amendments that have been introduced in New York. Task Force members worked very closely with the City Bar Policy Department and representatives from the ULC/ALI to help Senator Brad Hoylman-Sigal, Chair of the New York Senate Committee on the Judiciary, introduce S.7244 in the New York State Senate. Two of the primary purposes of S.7244 are to modernize the New York UCC and help New York (1) remain the preferred U.S. jurisdiction for paper-based commercial and financial transactions and (2) become the preferred U.S. jurisdiction for transactions involving digital assets. The scope of S.7244 is limited to New York commercial and financial law and would change a limited number of sections of the New York UCC with the goal of modernizing the New York UCC. The New York UCC has provided commercial law rules for a variety of types of commercial transactions for over sixty years. As the economy evolves, it has been amended from time to time to reflect current transactional patterns. S.7244 is designed to modernize the NY UCC to address the effect of a wide range of emerging technologies but it does not regulate the companies that engage in commercial transactions, including those involving crypto assets. The substantive changes to the New York UCC are necessary to create a New York tailored version of the UCC Model Amendments approved by the Uniform Law Commission and the American Law Institute, and already adopted in 13 states and introduced in another 13 states and the District of Columbia (as of February 27, 2024). Click here for updates.

May 2023

In May 2023, the Task Force introduced a 12-part Podcast Series on Digital Technologies. The podcasts are available on the Task Force Dashboard and are an excellent source for identifying the most important digital technologies issues. In addition, in May 2023, the Task Force agreed to partner with CJA to establish JAAI. In May 2023, the Task Force also established the New York AG Proposal Working Group. This working group includes a cross disciplinary group of 17 Task Force Members across multiple practice areas. Simultaneously, the Task Force established the House Framework for Digital Asset Regulation Working Group. This working group includes a cross disciplinary group of 35 Task Force Members across multiple practice areas.

June 2023

On June 6, 2023, the Task Force, jointly with the City Bar Commercial Law & Uniform State Laws Committee, hosted the City Bar’s first CLE program on How The 2022 Amendments to the Uniform Commercial Code Will Affect Your Practice. The seminar was moderated by Lorraine McGowen: City Bar Task Force on Digital Technologies, Co-Chair; City Bar Commercial Law & Uniform State Laws Committee, Member; and Partner at Orrick, Herrington & Sutcliffe LLP and featured Tracey Chenoweth: City Bar Task Force on Digital Technologies Subcommittee on Cryptocurrencies, Co-Chair; City Bar Commercial Law & Uniform State Laws Committee, Member; and Partner at Skadden Arps; Alan Kolod: City Bar Task Force on Digital Technologies, Member; City Bar Commercial Law & Uniform State Laws Committee, Member; and Senior Counsel at Moses Singer; Eric Marcus: City Bar Commercial Law & Uniform State Laws Committee, Member and Retired Partner at Arnold & Porter Kaye Scholer LLP;  Sandra Rocks: American Law Institute, Member; ULC/ALI Drafting Committee for the 2022 Amendments to the Uniform Commercial Code to address Emerging Technologies, Member; American Bar Association Business Law Section Task Force on Intermediated Securities Holding Infrastructure, Co-Chair; and Counsel Emeritus at Cleary Gottlieb; Gregory Rowland: City Bar Task Force on Digital Technologies Subcommittee on Cryptocurrencies, Co-Chair; City Bar Committee on Investment Management Regulation, Member; and Partner at Davis Polk; Edwin Smith: City Bar Task Force on Digital Technologies Subcommittee on Articles and Blogs, Co-Chair; City Bar Commercial Law & Uniform State Laws Committee, Member; Massachusetts Uniform Law Commissioner; ULC/ALI Drafting Committee for the 2022 Amendments to the Uniform Commercial Code to address Emerging Technologies, Chair; Permanent Editorial Board for the Uniform Commercial Code, Member; and Partner at Morgan, Lewis & Bockius LLP; and Sandra Stern: City Bar Commercial Law & Uniform State Laws Committee, Member; New York Uniform Law Commissioner; ULC/ALI Drafting Committee for the 2022 Amendments to the Uniform Commercial Code to address Emerging Technologies, Member; and Partner at Nordquist & Stern PLLC.

On June 14, 2023, the Task Force released a podcast introducing the Task Force and its subcommittees. The podcast is available at introducing the Task Force. This podcast featured the Task Force Co-Chairs: Lorraine McGowen; Edward So: City Bar Task Force on Digital Technologies, Co-Chair; City Bar Futures & Derivatives Regulation Committee, Secretary; and Partner at White & Case; and Jerome Walker.

August 2023

On August 1, 2023, the Task Force released a podcast on The ChatGPT Case (Mata v. Avianca, Inc.) and AI in Courts. The podcast was moderated by Harut Minasian: City Bar Working Group on Judicial Administration and Artificial Intelligence, Chair; City Bar Council on Judicial Administration, Member; State and Federal Court Judicial Law Clerk and featured Richard Hong: City Bar Council on Judicial Administration, Member; City Bar Federal Courts Committee, Chair; and Partner at Morrison Cohen; and Stuart Levi: City Bar Task Force on Digital Technologies Subcommittee on Artificial Intelligence, Co-Chair; Working Group on Judicial Administration and Artificial Intelligence, Member; and Partner at Skadden Arps.

On August 10, 2023, the Task Force released a podcast Web3 – The World of Decentralized Tech. The podcast featured Lewis Cohen: City Bar Task Force on Digital Technologies Subcommittee on Web3, Co-Chair and Co-Founder, DLx Law and Beth Haddock: City Bar Task Force on Digital Technologies Subcommittee on Web3, Co-Chair; City Bar Compliance Committee, Member; Independent Director to GMO-Z.com, a yen and US dollar-backed stablecoin and the Stablecoin Standard, an industry think tank; Chief Legal Officer at AdvisorEngine, a subsidiary of Franklin Templeton; and Managing Partner at Warburton Advisers.

October 2023

On October 12, 2023, the Task Force hosted the City Bar’s first CLE program on The State of Stablecoins. The program covered regulated stablecoins (not algorithmic products); a survey of banking, securities, and other applicable laws and risk management, governance, and compliance issues; a survey of legal, regulatory and policy issues; federal and state efforts with an emphasis on banking and securities; custody, operational resilience, and contagion/systemic risk; disclosures, financial audits, and the expectations of stakeholders; international efforts – MICA as an example for comparative analysis; US legislative proposals; types of stablecoin products; benefits and risks; risk management discussion for product development; BIS Annual Economic Report and Financial Stability Board recommendations; ethics for navigating compliance; Europe’s encouragement of early adoption of MICA, US regulatory alerts, and other developments; compliance programs for state and federal oversight; global best practices for operational resiliency and distribution issues; and what market participants and other stakeholders should expect in the future. This webinar was moderated by Beth Haddock and featured Olta Andoni: Enclave Markets General Counsel and Chief Compliance Officer; Matthew Homer: Former Executive Deputy Superintendent, Research and Innovation, New York State Department of Financial Services and Managing Member at Department of XYZ; Asad Kudiya: Deputy Associate General Counsel, Banking Regulation & Policy Group, Board of Governors of the Federal Reserve System; Gregory C. Padgett: Senior Counsel, Securities and Exchange Commission, Division of Enforcement; David Portilla: Partner at Davis Polk; and Ramy Soliman: Policy Lead and Co-Founder at Stablecoin Standard.

Similarly, on October 12, 2023, the Task Force released a podcast on Asset Tokenization and Blockchain featuring Robert Schwinger: City Bar Task Force on Digital Technologies Subcommittee on Distributed Ledger Technology and Blockchain, Co-Chair and Partner at Norton Rose Fulbright US LLP and Hector Velez: City Bar Task Force on Digital Technologies Subcommittee on Distributed Ledger Technology and Blockchain, Co-Chair; City Bar Futures & Derivatives Regulation Committee, Member; and General Counsel at Flowcarbon.

November 2023

On November 15, 2023, the Task Force released a podcast further explaining the Importance of New York Updating the New York Uniform Commercial Code. The podcast was moderated by Sandra Rocks and featured Neil B. Cohen (retired) Jeffrey D. Forchelli Professor of Law at Brooklyn Law School; Reporter for Revised Article 1 of the Uniform Commercial Code and for the American Law Institute’s Restatement of the Law of Suretyship and Guaranty; Director of Research of the Permanent Editorial Board for the Uniform Commercial Code; Drafting Committee for revising various articles of the Uniform Commercial Code, including the two most recent revisions of Article 9 (Secured Transactions), and has served as an adviser for several projects of the American Law Institute, including Principles of Software Contracts and the Restatement of the Law of Conflict of Laws; Eric Marcus; Lorraine McGowen; and Edwin Smith.

On November 30, 2023, JAAI released a podcast about AI in a criminal case called Is AI in Litigation Ready for Primetime? (U.S. v. Michel). The podcast was moderated by Harut Minasian and featured Richard Hong; Stuart Levi; and David Zaslowsky: City Bar Task Force on Digital Technologies, Member and Partner at Baker and McKenzie.

December 2023

On December 21, 2023, the Task Force released a podcast on the November 7, 2023, CFPB Proposal and Request for Public Comment on Defining Larger Participants of a Market for General Use Digital Consumer Payment Applications . The podcast was moderated by Jerome Walker and featured Stephen Aschettino: City Bar Task Force on Digital Technologies Subcommittee on Payment Services and Systems, Co-Chair and Partner at Steptoe LLP; Melissa Baal Guidorizzi: City Bar Task Force on Digital Technologies Subcommittee on Digital Technologies Consumer Protection, Co-Chair; senior official at the Consumer Financial Protection Bureau; and Partner at Orrick, Herrington & Sutcliffe LLP and Eamonn Moran: City Bar Task Force on Digital Technologies Subcommittee on Digital Technologies Consumer Protection, Co-Chair; senior official at the Consumer Financial Protection Bureau; and Senior Counsel at Norton Rose Fulbright US LLP.

January 2024

On January 4, 2024, the Task Force released a podcast called Closing the Digital Divide.  The podcast featured Robert Marchman: City Bar Task Force on Digital Technologies Subcommittee on the Digital Divide, Co-Chair; City Bar Diversity, Equity and Inclusion Committee, Member; and Senior Policy Advisor on Diversity and Inclusion, US Securities and Exchange Commission and Jolevette Mitchell: City Bar Task Force on Digital Technologies Subcommittee on the Digital Divide, Co-Chair; City Bar Consumer Affairs Committee, Chair; and Vice President and Senior Counsel at Apple Bank.

On January 26, 2024, the Task Force released a podcast called What is the Metaverse, Really? The podcast was moderated by Jerome Walker and featured Terrence Dugan: City Bar Task Force on Digital Technologies Subcommittee on the Metaverse, Co-Chair; City Bar Entertainment Law Committee, Chair; and Partner at O’Melveny & Myers and Flora Lau: City Bar Task Force on Digital Technologies Subcommittee on the Metaverse, Co-Chair; City Bar Entertainment Law Committee, Member; and Associate General Counsel at Influential.

February 2024

On February 23, 2024, the Task Force, jointly with the City Bar Banking Law Committee, the City Bar Compliance Committee, the City Bar Technology, Privacy and Cyber Law Committee, and the City Bar White Collar Crimes Committee, hosted an Emerging Technologies Symposium featuring a Fireside Chat by Fireside Chat by Tara La Morte: Chief, Illicit Finance & Money Laundering Unit Asset Forfeiture Coordinator, U.S. Attorney’s Office, Southern District of New York and Noah Solowiejczyk, Deputy Chief, Illicit Finance & Money Laundering Unit U.S. Attorney’s Office, Southern District of New York and a Keynote address by Commodity Futures Trading Commission Commissioner Kristin Johnson

The symposium included five panels:

  1. Emerging Technologies Litigation and Enforcement:

This panel was moderated by City Bar White Collar Crimes Committee Chair and Kaplan Hecker & Fink LLP Partner Jenna Dabbs and featured Bradley Dizik: Vice President at Guidepost Solutions LLC; Jason P. Gottlieb: Partner at Morrison Cohen LLP; Gene Ingoglia: Partner at Allen & Overy; Parvin Daphne Moyne: Partner at Akin Gump; and Torrey Young: Partner at Mukasey Young LLP.

  1. Hot Topics in Emerging Technologies:

This panel was moderated by Task Force on Digital Technologies Subcommittee on Artificial Intelligence Co-Chair Adele Hogan and featured Task Force on Digital Technologies Member and Adjunct Professor, Columbia University Law School, Former U.S. Department of Justice Special Counsel for Health Care Fraud, New York Deputy Attorney General for the Criminal Division, and Deputy Attorney General for Policy, Former Assistant United States Attorney for the Eastern District of Pennsylvania, and City Bar Health Law Committee Chair, Debra Cohn; Task Force on Digital Technologies Subcommittee on Web3 Co-Chair Beth Haddock; Task Force on Digital Technologies Subcommittee on Large Language Models Co-Chair Robert Mahari; and Task Force on Digital Technologies Subcommittee on Cybersecurity, Privacy and Data Protection Co-Chair Alexander Southwell.

  1. Client Counseling in Emerging Technologies:

This panel was moderated by Task Force on Digital Technologies Subcommittee on Non-Fungible Tokens Co-Chair Tiffany J. Smith and featured Conway Ekpo: Director, Associate General Counsel at Brex; Task Force on Digital Technologies Subcommittee on Distributed Ledger Technology and Blockchain Co-Chair Ben Melnicki; and Michael Selig: Partner at Willkie Farr & Gallagher LLP

  1. Ethics in Emerging Technologies:

This panel was moderated by Task Force on Digital Technologies Subcommittee on Artificial Intelligence Co-Chair Adele Hogan and featured Javier Alvarez: Senior Managing Director at Stout; Meredith Fitzpatrick: Director for Cryptocurrency Investigations and Compliance at Forensic Risk Alliance and Former Special Agent, FBI; Task Force on Digital Technologies Member Brian S. Korn; and Tony Phillips: Partner at Pillsbury Winthrop Shaw Pittman.

  1. AML/CFT and Other Financial Crime Issues in Emerging Technologies:

This panel was moderated by Task Force on Digital Technologies, Co-Chair Jerome Walker and featured Task Force on Digital Technologies Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities Co-Chair Kyle Armstrong; Task Force on Digital Technologies Subcommittee on Articles and Blogs Co-Chair Angelena Bradfield; and Elizabeth “Lili” Kudirka: Special Agent, New York Federal Bureau of Investigation.

On February 26, 2024, the Task Force released a podcast called Digital Revolutions in Mobility. The podcast was moderated by Lorraine McGowen and featured Margaret Barry: City Bar Task Force on Digital Technologies Subcommittee on Electronic Mobility Services, Co-Chair; City Bar Environmental Law Committee, Co-Chair (2020-23); and Environmental Law Writer at the Sabin Center for Climate Change Law, Columbia Law School; Matthew Daus: City Bar Task Force on Digital Technologies Subcommittee on Electronic Mobility Services, Co-Chair; City Bar Transportation Committee, Chair; and Partner at Windels Marx; and Elizabeth Stein: City Bar Task Force on Digital Technologies Subcommittee on Electronic Mobility Services, Co-Chair; City Bar Energy Committee, Chair; State Policy Director, Institute for Policy Integrity, New York University School of Law.

UPCOMING PROJECTS

LOOKING FORWARD TO 2024

March 2024

On March 2024, the Task Force released a podcast: Fighting for National Security and Financial Stability in the Digital Tech Arena. The podcast was moderated by Jerome Walker and featured Kyle Armstrong: City Bar Task Force on Digital Technologies Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities, Co-Chair; Director of Law Enforcement Relations at TRM; and former FBI Unit Chief of the FBI’s Counterterrorism Finance Targeting Unit; Jessi Brooks: City Bar Task Force on Digital Technologies Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities, Co-Chair and Chief Compliance Officer, Ribbit Capital; Clark Abrams: City Bar Task Force on Digital Technologies Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities, Member; City Bar Compliance Committee, Member; and Chief, Money Laundering and Financial Investigations Unit, Special Narcotics Prosecutor for the City of New York; and Alona Katz: City Bar Task Force Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities and Subcommittee on Cybersecurity, Privacy and Data Protection, Member and Chief of the Virtual Currency Unit of the Brooklyn District Attorney’s Office.

On March 11, 2024, the Compliance Committee Subcommittee on Technology, Cybersecurity and Data Privacy & Working Group on Artificial Intelligence and Machine Learning, with substantial assistance from the Task Force, released a Report on Artificial Intelligence and Machine Learning in Financial Services: Opportunities and Challenges in Anti-Money Laundering and Combatting the Financing of Terrorism.

On March 21, 2024, the Task Force hosted a Webinar on How the Uniform Commercial Code Affects Transactions with Small Businesses. This webinar was moderated by Task Force Subcommittee on Cybersecurity, Privacy and Data Protection Co-Chair Brian Rauer and featuring retired Professor Neil Cohen: The Jeffrey D. Forchelli Professor of Law, Brooklyn Law School and the Director of Research of the Permanent Editorial Board for the Uniform Commercial Code and a member of the American Law Institute; Eric Marcus:  Retired Partner, Arnold & Porter Kaye Scholer LLP; and Task Force Subcommittee on Articles and Blogs Co-Chair Edwin Smith.  The podcast covered a general overview of the UCC including examples of small business transactions governed by UCC Article 2 (the sale of goods); UCC Article 2A (leases of personal property); UCC Article 4A (funds transfers); UCC Article 5 (letters of credit); UCC Article 7 (documents of title); UCC Article 9 (secured transactions); and Article 12 (controllable electronic records).

Registration On Demand is available.

April 2024

On April 4, 2024, the Task Force released a podcast titled The State of Fintech moderated by Task Force Subcommittee on Articles and Blogs Co-Chair Angelena Bradfield and featuring Parris Sanz, Executive Vice President, General Counsel, and Head of Policy and Government Relations at WebBank; Adam VanWagner, Chief Legal Officer at MoneyLion; Matt Cameron, Head of Policy and Regulatory Affairs at Remitly; and Meredith Fuchs, General Counsel at Plaid. The podcast focused on what’s next for the fintech industry? Fintech has reached mass adoption, with 8 in 10 Americans using a fintech product to manage their finances; send money to friends and family; start a business; or invest for the future. What happens in Washington, DC and state capitals across the country will play a significant role in steering the future of the industry as regulators look to balance innovation with consumer protection.

UPCOMING PROJECTS IN 2024

April 2024

In April 2024, the Task Force plans to release podcasts on:

  1. Artificial Intelligence and the Courts moderated by Harut Minasian and featuring Paul Weiss Partner and former US District Court Judge Katherine Forrest and Duke University Law School Professor and former US District Court Judge Paul Grimm.
  2. Artificial Intelligence and Insurance moderated by Jerome Walker and featured Task Force Subcommittee on Artificial Intelligence Co-Chair Azish Filabi, Associate Professor of Business Planning, The American College of Financial Services Sophia Duffy, and Task Force Subcommittee on Artificial Intelligence Member and Debevoise Associate Corey Goldstein.  Among other things, the podcast focused on the use of artificial intelligence in insurance and how insurance departments such as the New York State Department of Financial Services and the National Association of Insurance Commissioners are responding to the use of artificial intelligence in insurance.
  3. Ethics in Digital Technologies moderated by Azish Filabi: City Bar Task Force on Digital Technologies Subcommittee on Artificial Intelligence, Co-Chair and Executive Director, American College Cary M. Maguire Center for Ethics in Financial Services and the Charles Lamont Post Chair of Business Ethics and Associate Professor and featuring David George Keyko: City Bar Task Force on Digital Technologies Subcommittee on Ethics in Digital Technologies, Co-Chair; City Bar Professional Ethics Committee, Chair; and Partner at Pillsbury Winthrop Shaw Pittman LLP and Tyler Maulsby: City Bar Task Force on Digital Technologies Subcommittee on Ethics in Digital Technologies, Co-Chair; President of the Association of Professional Responsibility Lawyers and Partner at Frankfurt Kurnit Klein & Selz PC.
  4. Large Language Models featuring Wendy Butler Curtis: City Bar Task Force on Digital Technologies Subcommittee on Large Language Models, Co-Chair and Chief Innovation Officer at Orrick, Herrington & Sutcliffe LLP and Robert Mahari: City Bar Task Force on Digital Technologies Subcommittee on Large Language Models, Co-Chair and JD-PhD, Harvard Law School and MIT Media Lab. This podcast will cover the definition of large language models; the risks of large language models; the state of maturity in the market around large language models; and innovations that are emerging as a result of large language models.
  5. Artificial Intelligence and Decentralized Finance moderated by Jerome Walker and featuring Task Force Subcommittee on Web3 Co-Chairs Lewis Cohen and Beth Haddock, Robert Mahari, and Task Force Subcommittee on Non-Fungible Tokens Co-Chair Tiffany Smith. This podcast will cover DeFi and Artificial Intelligence and will focus on the recently issued CFTC Staff Request for Comment on the Use of Artificial Intelligence in CFTC-Regulated Markets and CFTC Digital Assets and Blockchain Technology Subcommittee Release of Decentralized Finance Report.
  6. Demystifying Decentralized Finance and Decentralized Autonomous Organizations moderated by Jerome Walker and featuring Task Force Subcommittee on Web3 Co-Chairs Lewis Cohen and Beth Haddock, Task Force Subcommittee on Large Language Models Co-Chair Robert Mahari, Task Force Subcommittee on Distributed Ledger Technology and Blockchain Co-Chair Robert Schwinger, and Task Force Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities Co-Chairs Kyle Armstrong and Jessi Brooks. This podcast will explain how DeFi and DAOs work and explore the issues raised by both.
  7. Working to Prevent Pig Butchering Scams moderated by Jerome Walker and featuring Task Force Subcommittee on Law Enforcement and Regulatory Agency Digital Technologies Activities Co-Chair Kyle Armstrong and subcommittee members Clark Abrams and Alona Katz. This podcast will focus on pig butchering scams and how law enforcement, regulatory agencies and the private sector can work together to address these scams.
  8. Trends and Developments in Stablecoins moderated by Tiffany Smith and featuring Beth Haddock and Lewis Cohen. This podcast will provide an update on the current status of stablecoin issues at the state and federal level.
  9. The Critical Importance of Financial Inclusion moderated by Jerome Walker and featuring Task Force Subcommittee on Financial Inclusion Co-Chair Liat Shetret.
  10. How Behavioral Science Helps Compliance in Digital Technologies moderated by Jerome Walker and featuring Task Force Subcommittee on Behavioral Science in Digital Technologies, Co-Chair Tiffany Archer.
  11. Laws Governing Digital Technologies Payments moderated by Jerome Walker and featuring Eamonn Moran: Task Force Subcommittee on Digital Technologies Consumer Protection, Co-Chair Eamonn Moran; Task Force Subcommittee on Articles and Blogs Co-Chair Edwin Smith; and Professor Neil Cohen: 1901 Distinguished Research Professor of Law, Brooklyn Law School; Director of Research of the Permanent Editorial Board for the Uniform Commercial Code; and American Law Institute, Member.

Last updated on April 4, 2024

Related Resources

Advocacy Work

New York Emerging Technologies Amendments to the UCC Talking Points & Resources

Articles Written by Task Force Members

  1. US SEC targets Coinbase, signaling stricter enforcement against crypto exchanges (March 2023) by Stephen Aschettino, Kevin J. Harnisch, Andrew James Lom, and Rebecca Lander
  2. ChatGPT Almost Passed the Bar, But Competent Lawyers Do Much More (February 13, 2023) by Mary Lu Bilek and Deborah Merritt
  3. A Currency by Any Other Name? Damages Valuations in Cryptocurrency Disputes (February 10, 2023) by Siddartha Rao, Nicole Haff and Olivia Loftin
  4. Summary of Reasons for New York to Enact the New UCC Amendments (March 1, 2023) by Alan Kolod and Michael Evan Avidon
  5. Privacy & Cybersecurity Update (March 2023) by James R. Carroll, Avia M. Dunn, Brian W. Duwe, David C. Eisman, Maya P. Florence, Todd E. Freed, Marc S. Gerber, Richard J. Grossman, Ken D. Kumayama, Michael E. Leiter, Stuart D. Levi, William Ridgway, Jason D. Russell, David E. Schwartz, Ingrid Vandenborre, Helena J. Derbyshire, Nicole L. Grimm, Peter Luneau, James S. Talbot, and Eve-Christie Vermynck
  6. Copyright Office Issues Guidance on AI-Generated Works, Stressing Human Authorship Requirement (March 16, 2023) by Stuart D. Levi, MacKinzie M. Neal, and Shannon N. Morgan
  7. NYAG Files Action Against Crypto Trading Platform, Takes Position That ETH Is a Security (March 13, 2023) by Alexander C. Drylewski, Stuart D. Levi; Daniel Michael, and Ebenezer Ng
  8. Court Ruling Could Affect the Future Direction of DAOs (April 3, 2023) by Alexander C. Drylewski and Stuart D. Levi
  9. Silicon Valley Bank’s Collapse—What’s Next for SVB and Signature Bank? Are We Prepared for the Next Bank Failure? (March 22, 2023) by Lorraine McGowen
  10. Greater risks facing DAOs and their tokenholders from recent court rulings (April 2023) by Robert A. Schwinger
  11. Blockchain law: Can there be law without people? (January 2023) by Robert A. Schwinger
  12. Missing an Opportunity: Cryptocurrency Exchanges and Their Customers Should Consider Using UCC Article 8 (April 3, 2023) by Carl S. Bjerre, Sandra M. Rocks, Edwin E. Smith, and Steven O. Weise
  13. Top Questions, and Lessons, After Banking’s Wild Weekend (March 15, 2023) by Edwin Smith, Ignacio Sandoval, Christopher Paridon, and Erin Martin
  14. SVB and Distressed Banks: Lessons Learned From A Wild Weekend (March 14, 2023) by Edwin Smith, Ignacio Sandoval, Christopher Paridon, Erin Martin, Richard Hanson, and Ian Wright
  15. U.S. Cybersecurity and Data Privacy Outlook and Review – 2023 (January 30, 2023) by Alexander Southwell
  16. Why It Matters: ABA House of Delegates Adopts Guidelines for Developers and Users of Artificial Intelligence (March 13, 2023) by Lucy Thomson, Cynthia Cwik, and Roland Trope
  17. Update: Top Depositor Questions on the Silicon Valley Bank Receivership (March 14, 2023) by Douglas Landy, Eliza McDougall, Pratin Vallabhaneni, Glen R. Cuccinello, and Leel Sinai
  18. Top Depositor Questions on the Silicon Valley Bank Receivership (March 11, 2023) by Douglas Landy, Eliza McDougall, and Pratin Vallabhaneni
  19. Observations and Implications of Silvergate, SVB, and Signature (April 13, 2023) by Task Force Co-Chair Jerome Walker
  20. The British Are Coming — To the Aid of Crypto Scam Victims (July 25, 2023) by Robert A. Schwinger
  21. The Democracy and Science Equilibrium (June 15, 2023) by Lori Gayle Nuckolls
  22. Five Key Questions For Ensuring Responsible AI In Financial Services (March 22, 2024) by Azish Filabi
  23. Motion To Dismiss Ruling Provides Insight Into How Courts View AI Training Data Cases (February 6, 2024) by Mana Ghaemmaghami, Stuart D. Levi
  24. Recent Developments That Could Impact How Companies Offer AI-Based Customer Service Chatbots (February 26, 2024) by Stuart D. Levi
  25. Intersection of Open Source and Web3 (February 28, 2024) by Stuart D. Levi
  26. New Developments Help Clarify Intersection of Patent Law and Artificial Intelligence (March 25, 2024) by Stuart D. Levi
  27. US CFPB’s NSF and overdraft fee proposals: What financial institutions should know (February 5, 2024) by Eamonn Moran
  28. (Podcast): Securitization Insight Ep 55: Oral Arguments in Two Cases Challenging Chevron Deference and Potential Impact on US Regulatory Agencies (February 5, 2024) by Eamonn Moran
  29. 2024 FinTech Outlook (February 21, 2024) by Eamonn Moran
  30. Office of the Comptroller of the Currency issues “buy now, pay later” guidance to banks (March 15, 2024) by Eamonn Moran
  31. Securitization Insight Ep 57: Third Circuit Says Student Loan Trusts Are “Covered Persons” Subject to the CFPA (March 25, 2024) by Eamonn Moran
  32. Let’s make a dealer: Active trading firms risk being considered “dealers” under new SEC rules (February 12, 2024) by Gregory Rowland
  33. FinCEN proposes new AML/CFT compliance requirements for investment advisers (February 21, 2024) by Gregory Rowland
  34. Investment Management & Funds Regulatory Update – February 2024 (February 29, 2024) by Gregory Rowland
  35. Verifiable evaluations of machine learning models using zkSNARKs (February 5, 2024) by Robert Mahari
  36. Regulation by Design: A New Paradigm for Regulating AI Systems (February 15, 2024) by Robert Mahari
  37. Discit Ergo Est: Training Data Provenance and Fair Use (February 22, 2024) by Robert Mahari
  38. Leveraging Large Language Models for Learning Complex Legal Concepts through Storytelling (February 26, 2024) by Robert Mahari
  39. (Podcast): Transformative AI in Translation & Legal Services (March 2024) by Robert Mahari
  40. Data Authenticity, Consent, and Provenance for AI Are All Broken: What Will It Take to Fix Them? (March 29, 2024) by Robert Mahari
  41. Blockchain Law: Watch Your Mouth: Liability for Statements and Omissions about Digital Assets, New York Law Journal (March 2024) by Robert A. Schwinger
  42. SEC’s crypto enforcement authority sustained over Coinbase’s vigorous challenges (March 2024) by Robert A. Schwinger
  43. CFTC Issues Request for Comment on Uses of AI (February 2, 2024) by Tiffany Smith
  44. “Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A) (February 8, 2024) by Tiffany Smith
  1. CFTC Advisory Subcommittee Releases Report on DeFi: Issues, Findings and Recommendations (February 16, 2024) by Tiffany Smith
  2. SEC Adopts New Rules That Will Require More Market Participants to Register as Dealers (February 26, 2024) by Tiffany Smith
  3. CFTC Year in Review: 23 Takeaways From 2023 and Predictions for 2024 (February 27, 2024) by Tiffany Smith
  4. Potential Impact of the SEC’s Rulemaking Agenda on Crypto (March 15, 2024) by Tiffany Smith
  5. FinCEN Again Proposes Sweeping AML Requirements for Registered Investment Advisers & ERAs (February 21, 2024) by Pratin Vallabhaneni

Resource Materials for Further Study on Digital Technologies

  1. New York Attorney General Proposal to Regulate the Cryptocurrency Industry
  2. House Financial Services Committee and House Committee on Agriculture Discussion Draft of Legislation Providing a Statutory Framework for Digital Asset Regulation
  3. Reintroduction of Lummis, Gillibrand Comprehensive Legislation To Create Regulatory Framework For Crypto Assets
  4. Financial Stability Board Global Regulatory Framework for Crypto-Asset Activities, Umbrella public note to accompany final framework (17 July 2023)
  5. Federal Trade Commission Stipulated Order for Permanent Injunction, Monetary Judgment and Other Relief against CELSIUS NETWORK INC., CELSIUS NETWORK LLC, CELSIUS NETWORKS LENDING LLC, CELSIUS LENDING LLC, CELSIUS KEYFI LLC, CELSIUS MINING LLC, CELSIUS US HOLDING LLC, CELSIUS US LLC, and CELSIUS MANAGEMENT CORP
  6. Securities and Exchange Commission, Plaintiff, against Ripple Labs, Inc., Bradley Garlinghouse, and Christian A. Larsen, Defendants
  7. Selected Issues regarding the Taxation of Digital Assets Prepared by the Staff of the Joint Committee on Taxation (June 2023)
  8. SEC Proposes New Requirements to Address Risks to Investors From Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers
  9. General Accountability Office Report to Congress Blockchain in Finance Legislative and Regulatory Actions Are Needed to Ensure Comprehensive Oversight of Crypto Assets (June 2023)
  10. NIST Artificial Intelligence Risk Management Framework (AI RMF 1.0) (January 2023)
  11. AI Risk: Evaluating and Managing It Using the NIST Framework (May 18, 2023) by Stuart D. Levi, William Ridgway, and Lilia Jimenez
  12. IIA Global Internal Audit Standards (2023 Draft for Public Comments)
  13. CRS Consumer Finance and Financial Technology (Fintech) (March 15, 2023)
  14. GAO Report to Congressional Committees Financial Technology Products Have Benefits and Risks to Underserved Consumers, and Regulatory Clarity Is Needed (March 2023)
  15. CRS Bank Capital Requirements: A Primer and Policy Issues (March 9, 2023)
  16. CRS Introduction to Financial Services: Financial Cybersecurity (Updated January 5, 2023)
  17. CRS Banking, Data Privacy, and Cybersecurity Regulation (Updated March 13, 2023)
  18. CRS Generative Artificial Intelligence and Copyright Law (February 24, 2023)
  19. CRS Biometric Technologies and Global Security (Updated January 30, 2023)
  20. UK Government Policy paper A pro-innovative approach to AI regulation (29 March 2023)
  21. Federal Reserve Order No. 2023-02 (January 27, 2023) Custodia Bank Order Denying Application for Membership
  22. CRS Non-Fungible Tokens (July 20, 2022)
  23. Markets in Crypto-assets (MiCa) – (20 April 2023)
  24. Global Financial Markets Association Impact of Distributed Ledger Technology in Global Capital Markets
  25. IOSCO Policy Recommendations for Crypto and Digital Asset Markets Consultation Report (May 2023)
  26. The Americans with Disabilities Act and the Use of Software, Algorithms, and Artificial Intelligence to Assess Job Applicants and Employees
  27. National Artificial Intelligence Research and Development Strategic Plan 2023 Update A Report by the Select Committee on Artificial Intelligence of the National Science and Technology Council (May 2023)
  28. House Financial Services Committee and House Committee on Agriculture Discussion Draft of Legislation Providing a Statutory Framework for Digital Asset Regulation
  29. Ransomware
  30. Senator Charles Schumer’s Proposal to Launch SAFE Innovation (June 21, 2023)
  31. National Artificial Intelligence Advisory Committee Year l (May 2023)
Of Interest

Digital assets began to evolve several decades ago, and the Uniform Commercial Code (UCC) has periodically been amended to accommodate their existence. Since the last comprehensive revisions to the Uniform Law Commission’s Official Text of the UCC, promulgated in 2010 and substantially adopted by the New York Legislature in 2014, electronic commerce has continued to expand and evolve and become ever more important to the US and world economy. Furthermore, during the past decade, emerging technologies have led to the creation of an entirely new class of digital assets, which exist on distributed ledger or blockchain platforms and can be used to accomplish an increasing number and variety of transactions. The New York UCC currently recognizes only electronic documents of title and electronic chattel paper as digital assets. These digital assets dramatically transform commerce, but their legal effect is subject to significant uncertainties requiring a clear modern legal structure if they are to achieve their full potential.

For a detailed this discussion of the importance of digital technologies and commercial law, please read the Report by the Task Force on Digital Technologies in Support of Enactment of the New York Version of the Amendments to the Official Text of the Uniform Commercial Code (2022) (February 2023)

For more information, check out our New York Emerging Technologies Amendments to the UCC Talking Points & Resources page and Uniform Law Commission’s 2022 Amendments to the UCC Resources.