The Law Commission of England and Wales has proposed a new category of personal property for cryptocurrencies and digital assets. This recommendation, part of a report submitted to the UK government, aims to address the inadequacies of the current system, which only recognizes tangible and intangible property.
The Commission’s proposal includes a draft bill to create a robust legal framework for digital assets, allowing courts to adapt specific details over time.
In the US, Senator Cynthia Lummis has introduced a bill to use Bitcoin as a strategic reserve asset, while a federal judge ruled that Ripple’s XRP token is a security for institutional investors but not for the public.
