On this week's episode of Yahoo Finance's The Crypto Mile, our host Brian McGleenon speaks to Lord Chris Holmes about the UK's new Electronic Trade Documents Act. Lord Holmes called the new legislation, "the most important law you've never heard of."The UK's new Electronic Trade Documents Act provides digital trade documents with the same legal recognition as traditional paper versions. It also establishes a legal precedent in English common law, which involves "making intangible assets possessable." This precedent could potentially have significant implications for the digital asset space, as stated by one of the key architects of the law.To illustrate the new law's significance, a report by McKinsey said that digitising the paper-intensive trade documentation system "could save $6.5 billion in direct costs and enable $40 billion in global trade."