New legislation modernizes commercial transaction law to support responsible innovation in digital assets and financial technology

Albany, N.Y. (June 23, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, today announced its strong support for New York Assembly Bill 3307A, which modernizes the state’s Uniform Commercial Code (UCC) to better accommodate emerging technologies, including digital assets and distributed ledger transactions. Following the bill’s near-unanimous passage in both chambers of the New York State Legislature, AFC is urging Governor Kathy Hochul to sign the bill into law.

“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,” said Phil Goldfeder, CEO of the American Fintech Council and former Member of the New York State Assembly. “By updating the UCC to recognize the commercial realities of technologies like virtual currencies and blockchain, New York is demonstrating that it can embrace change without compromising its foundational legal integrity.”

The legislation establishes a tailored version of the 2022 Model UCC Amendments, designed to clarify rules for digital-first commercial transactions while preserving the contract certainty and legal enforceability that make New York a preferred jurisdiction for complex financial transactions.

“This bill reflects a pragmatic, forward-looking approach to technology policy,” said Ashley Urisman, Director of State Government Affairs at AFC. “Modernizing the UCC will not only benefit responsible fintech providers, but also help consumers by enabling the creation of more secure, affordable, and accessible financial products.”

A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative banks offering embedded finance solutions. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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