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HARTFORDBUSINESS.COM | AUGUST 25, 2025 19 FOCUS | BANKING & FINANCE Member FDIC | Equal Housing Lender Contact a local lender to learn more. ThomastonSB.com | 860.283.1874 Here to Help Your Business Flourish. ∙ Commercial Real Estate Mortgages ∙ Term Loans ∙ Lines of Credit ∙ SBA Loans ∙ Equipment Loans ∙ Merger & Acquisition Financing $4,700,000 Commercial Mortgage for Car Dealership in Waterbury $2,000,000 Business Line of Credit for Solar Company in Middlebury $2,100,000 Business Aquisition Loan for Manufacturing Company in Bristol Jeffrey Taylor VP, Senior Commercial Loan Officer JTaylor@ThomastonSB.com 860-283-3440 Trish Tomlinson VP, Senior Commercial Loan Officer PTomlinson@ThomastonSB.com 860-283-3499 Charlie McCormick VP, Commercial Loan Officer CMcCormick@ThomastonSB.com 860-283-3478 bills pending to adopt the revisions, he added. 'Technology neutral' Work on the latest revisions has been going on for years, and incorpo- rated feedback from various groups, including the Connecticut Bar Associa- tion, Connecticut Bankers Association and Uniform Law Commission. The law creates a new Article 12 covering "controllable electronic records" — a category that includes cryptocurrency, NFTs and other digital assets with embedded payment rights. It sets rules for how these assets can be bought, sold and used as loan collateral, including how to obtain "control" and how purchaser rights are protected. "The digital world has completely redefined what can carry value in the commercial world," Fazzino said. "Things that didn't exist even 10 years ago are now some of the most valuable assets in the commercial world." Article 12, he added, "is important because it defines what those new assets are, and also how they can be used in commercial deals." The revised Article 9 aligns UCC security-interest rules with the new Article 12, adding provisions for pledging digital assets as loan collat- eral, distinguishing between electronic and physical money, and establishing a new method for controlling deposit accounts, among other changes. The key to drafting updated code to regulate digital assets was to make it "technology neutral," Welsh said. "They realized that you can't constrain the technology," he said. During his explanation of the bill on the House floor, Fazzino also addressed that point, saying someone looking at the language may find it especially vague. "It's supposed to be," he said, adding that the definitions are "written in such a way that, if the technology changes for these specific assets, the law can evolve along with it." Creating certainty Fazzino, an attorney who focuses on commercial law, said the ultimate goal of the UCC is not just uniformity, but certainty. "In these situations, you have secured lenders, very sophisticated commercial actors with transactions that have potentially millions or even billions of dollars of collateral at stake," he said. "You want to make sure there are very clear laws governing how that collateral is securitized, and how that collateral is used in commercial transactions." Welsh added that the UCC update is especially important for small and midsize businesses. "The big guys are always going to figure a way around," he said. "The small folks, consumers and small businesses, they rely upon this and if we didn't do this, we really would have failed them." 2026 AD SPACE CLOSING: November 25, 2025 BE A PART OF OUR ANNUAL RESOURCE GUIDE! PUBLISHING: December 29, 2025 RESERVE YOUR SPACE TODAY! Contact your account representative or call us at 860-236-9998 or email us at advertising@ HartfordBusiness.com