The New York City Bar Association has proposed amendments to modernize commercial laws for emerging technologies like digital assets. The goal is to encourage crypto firms to establish headquarters in New York and maintain the city’s status as a top financial hub.
The proposed New York Emerging Technologies Amendments aim to promote efficiency, lower costs, and enhance security for financial transactions involving new technologies. This could convince crypto companies to choose New York for business locations and legal disputes.
New York’s commercial laws haven’t been updated since 2014, while 26 other states have enacted model laws proposed in 2019. The NYC Bar Association warns that without updating, New York risks losing digital asset businesses to other states and countries with tech-friendly regulations.
New York currently leads with over 800 crypto companies, making it a top global crypto hub. But the Bar Association cautions against complacency, noting the importance of modernizing laws to retain leadership.Â
With crypto-friendly states like Florida attracting companies, the Association says updating commercial laws will “help ensure New York’s leadership in commercial and financial progress and growth.” Adopting the amendments aims to maintain the city’s stature as the world’s premier financial and technology center.
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