Sec. 503. Settlement finality
125 words·~1 min read·
/bill/117/s/4356/is/section-503A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Chapter 98 of title 31, United States Code, as amended by section 502 of this Act, is amended by adding at the end the following: To promote legal certainty and customer protection, a person who provides digital asset services and a customer shall agree on the terms of settlement finality for all transactions, including the following: The conditions under which a digital asset may be deemed fully transferred, provided that these legal conditions may diverge from operational conditions under which digital assets are considered transferred, based on the distributed and probabilistic nature of digital assets.
The exact moment of transfer of a digital asset. The discharge of any obligations upon transfer of a digital asset. Conformity to applicable provisions of the Uniform Commercial Code. .