PANews reported on May 8 that according to Cryptobriefing, Oregon Governor Tina Kotek signed Senate Bill No. 167 (SB 167) on May 7, updating the state's business regulations to the Uniform Commercial Code (UCC) and explicitly incorporating provisions related to digital assets. The new bill introduces UCC Article 12 to establish a legal framework for cryptocurrencies, tokenized records, and electronic currencies, and amends UCC Article 9 to allow digital assets to be used as collateral for mortgage 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 provisions to ensure that transactions before the bill takes effect remain legally valid and to give existing security interests a one-year compliance grace period.
Another cryptocurrency-related bill in Oregon, House HB 2071, is still in the legislative process and has not yet entered the voting stage. The bill aims to protect the use rights of Bitcoin and other digital assets, prohibit state and local governments from restricting individuals from accepting cryptocurrency as a payment method for legal goods or services, and ensure the legality of peer-to-peer blockchain transactions. At present, Oregon has not proposed a bill to establish a state Bitcoin reserve like some other states.
