Oregon Updates Commercial Code to Include Digital Assets

According to PANews, Oregon Governor Tina Kotek signed Senate Bill 167 on May 7, updating the state's commercial regulations to align with the Uniform Commercial Code (UCC) by incorporating provisions related to digital assets. The new legislation introduces Article 12 of the UCC, establishing a legal framework for cryptocurrencies, tokenized records, and electronic money. It also amends Article 9 of the UCC to allow digital assets to be used as collateral in secured transactions. Additionally, the bill recognizes the legal validity of electronic records, electronic signatures, and hybrid transactions to support digital commerce development. The new regulations include transitional provisions to ensure that transactions conducted before the law's enactment remain legally valid and provide a one-year grace period for existing security interests to comply. Another cryptocurrency-related bill in Oregon, House Bill 2071, is still in the legislative process and has not yet reached the voting stage. This bill aims to protect the rights to use Bitcoin and other digital assets by prohibiting state and local governments from restricting individuals from accepting cryptocurrency as payment for goods or services and ensuring the legality of peer-to-peer blockchain transactions. Currently, Oregon has not proposed legislation to establish a state Bitcoin reserve, unlike some other states.