The New Hampshire House of Representatives reportedly passed a bill on March 15th, regarding the adoption of the new version of Chapter 12 of the Universal Commercial Code (UCC). 

Specifically, the chapter – built with a purpose of providing governing to transfers of digital assets – is reportedly still a draft version, but if HB1503 is signed into law, New Hampshire will be the pioneering U.S. state to adopt the chapter. 

Similar to the draft chapter of the UCC, the bill – going by the name “Exempting the developer, seller, or facilitator of the exchange of an open blockchain token from certain securities laws” – reportedly has a goal of coming up with a “workaround” to simplify the process of purchasing and selling crypto, via stipulating conditions under which “a developer or seller of an open blockchain token shall not be deemed the issuer of a security.”

The bill passed with 187 to 150 votes in favor. 

The UCC reportedly functions as a set of model laws adopted in their entirety by almost every U.S. state to support interstate trade. As a result, the likelihood of the adjustment being accepted across the nation is high. 

New Hampshire’s adoption of the new UCC chapter into law before its finalization is reportedly to support the overall goal of “attract investments and jobs by signaling to this rapidly growing industry that we are open for business”. House Majority Leader Jason Osborne.

“HB1503 is an opportunity for New Hampshire to become a leader in this [blockchain and cryptocurrency technology] industry.” Representative Keith Ammon, a sponsor of the bill, additionally claimed. 

The UCC draft chapter will go to the American Law Institute for approval in May and to the Uniform Law Commission in July. Pending the commission’s approval, it will then be submitted to the states.