Oregon establishes legal control standards for digital assets through SB 167 bill

According to Cryptobriefing, Oregon Governor Tina Kotek signed Senate Bill 167 (SB 167) on May 7th, updating the state's commercial regulations to the Uniform Commercial Code (UCC) and explicitly incorporating provisions related to digital assets. The new bill introduces Article 12 of the UCC, establishing a legal framework for cryptocurrencies, tokenized records, and electronic currencies, and revising Article 9 of the UCC to allow digital assets to be used as collateral for collateralized transactions. In addition, the bill recognizes the legal validity of electronic records, electronic signatures, and hybrid transactions to support the development of digital commerce. The new regulations include transitional clauses to ensure that transactions before the bill takes effect still have legal effect, and provide a one-year compliance grace period for existing security interests. Another cryptocurrency related bill in Oregon, House Bill 2071 (HB 2071), is still in the legislative process and has not yet entered the voting stage. The bill aims to protect the right to use Bitcoin and other digital assets, prohibit state and local governments from restricting individuals from accepting cryptocurrency as a legitimate payment method for goods or services, and safeguard the legality of peer-to-peer blockchain transactions. At present, Oregon has not yet proposed a bill to establish a state Bitcoin reserve like some other states.