⚡ What issues does the 2022 revision of the US UCC Commercial Law mentioned in the Chinese Supreme Court Journal address? —— In summary: Traditional commercial law was designed for "paper contracts+physical property+bank accounts" and can no longer cover new forms of transactions such as electronic contracts, digital currencies, and on chain assets. So the core objectives of this revision are mainly reflected in four core points—— one ️⃣ Formally recognizing that "electronic transactions" are the norm of commercial law. As long as the equivalence and trading functions can be completed, the carrier is not important. two ️⃣ Refactoring the legal classification system of 'currency' No longer using a one size fits all approach of whether it is legal tender, but adapting different rules based on functionality, transferability, and control methods. This leaves room for commercial law to handle assets such as USDT, USDC, BTC, and ETH, rather than directly excluding them from the legal system. three ️⃣ Create a new type of property: Controllable Electronic Records (CER) This is the most crucial and cutting-edge point of the entire article! Legal recognition: "Control" over digital assets can be equivalent to "possession" of physical objects. And based on this, design transfer rules and introduce the system of good faith acquisition. This is an institutional response to the notion that 'code is law'. four ️⃣ The Revolution of Guarantee System: Control>Registration In traditional commercial law, intangible property guarantee relies on registration and public disclosure In UCC 2022, CERs (such as virtual currencies) are allowed to be perfected through "control" to enhance security interests. For DeFi/digital assets, it is considered to have a legal basis that can be institutionalized as collateral. Simply put, the conclusion of the author of this journal is actually quite restrained, but the meaning is clear: As transactions have become digitized, Chinese commercial law must evolve, otherwise it may take decades to catch up with this gap in the future!