Oregon adopts SB 167 to establish legal control standards for digital assets

PANews reported on May 8 that according to Cryptobriefing, Oregon Governor Tina Kotek signed Senate Bill 167 (SB 167) on May 7 to update the state's commercial regulations to the Unified Commercial Code (UCC) and clearly include them in relevant provisions of digital assets. The new bill introduces Article 12 of the UCC to establish a legal framework for cryptocurrencies, tokenized records and electronic currencies, and revises Article 9 of the UCC to allow digital assets to be used as collateral for collateral transactions. In addition, the bill recognizes the legal effect of electronic records, electronic signatures and hybrid transactions to support the development of digital commerce. The new regulations include transitional provisions to ensure that transactions before the bill remain legally valid and give existing security interests one year compliance grace period.

Another Oregon cryptocurrency-related bill, House No. 2071 (HB 2071), is still in the legislative process and has not yet entered the voting phase. The bill aims to protect the use of Bitcoin and other digital assets, prohibit state and local governments from restricting individuals from accepting cryptocurrencies as payment methods for legal goods or services, and ensure the legality of peer-to-peer blockchain transactions. At present, Oregon has not yet proposed a bill to establish state Bitcoin reserves like some other states.