On 18 August 2021, the Financial Law Committee of the City of London Law Society published its response on the Law Commission’s ‘Digital assets: Call for Evidence’ and Consultation Paper on ‘Digital assets: electronic trade documents’. For the reasons discussed in the response, the Committee feels that caution should be exercised in relation to any proposal for legislative reform to extend the application of the “possession” concept – at least to areas beyond those industry sectors where, arguably, it may serve an appropriate and helpful purpose in supporting the safe, efficient and effective holding and transfer of value or rights constituted or evidenced exclusively in digital form.