What are the core reforms of the 2022 revised Uniform Commercial Code (UCC) in the United States? In simple terms, traditional commercial law must evolve.

The commercial legal framework of the past few decades was built around three main elements: paper contracts, tangible property, and bank accounts. This system has been functioning well in the physical world. But now, the problem is quite pressing—new practices like electronic contracts, digital currencies, and on-chain assets are completely beyond the scope of traditional frameworks.

Therefore, the core of this revision is to patch the system. It focuses on four key points: first, confirming the legal validity of electronic agreements, giving digital signatures and electronic agreements the same legal status as paper contracts; second, establishing ownership recognition for digital assets, clarifying the legal attributes of virtual currencies, tokens, and other digital property; third, setting rules for the enforcement of smart contracts, creating a legal framework for automatically executing agreements on the blockchain; finally, developing mechanisms for cross-chain asset rights confirmation, addressing judicial recognition of asset ownership in multi-chain environments.

In other words, the law is finally beginning to recognize: your assets don't necessarily have to be in a bank account; they can also be on the blockchain.