Meanwhile Missouri passes FEDNOW (or funds conveyed by a real-time payment system)

HB 754 Sponsored by Rep. Phil Oehlerking  “Money Transmission Modernization Act of 2024,” significantly updates the state’s regulatory framework for financial transactions, with a notable emphasis on electronic and digital payment systems. 

https://legiscan.com/MO/text/HB754/id/3231286/Missouri-2025-HB754-Enrolled.pdf

The bill incorporates updates from the Uniform Law Commission’s 2022 amendments to the UCC, addressing emerging technologies.

Updates include:

-Creation of a new UCC Article 12 on Controllable Electronic Records.

Updates to Article 9 allowing the perfection of security interests in digital assets.

-New rules for mixed transactions involving goods and services.

-Updates to rules for electronic negotiable instruments.

-Updated terminology to account for electronic signatures and documents. 

House Bill 754 does not directly establish or mandate a Central Bank Digital Currency (CBDC) in Missouri. However, it does create a legal and regulatory framework that could accommodate the use of a CBDC in the future if one were introduced by the federal government.

Here’s how:

1. Legal Recognition of Digital Assets

The bill updates Missouri’s laws to include:

– “Controllable electronic records” via Article 12 of the Uniform Commercial Code (UCC).

-Revised definitions that recognize digital records and digital value as legitimate financial instruments.

This means the law is now flexible enough to recognize a CBDC as a legal digital asset, should it be issued.

2. Infrastructure for Regulation

The bill enhances the state’s ability to:

-License, regulate, and oversee digital and electronic money transmitters.

-Track and secure electronic financial activities through investment and bonding requirements.

This could be used to regulate intermediaries that handle CBDCs or integrate them into existing financial platforms.